De Cecco, Filippo Cavaliere stays. Plan for revenues up to 1 billion
A stable family majority was formed close to the president. Important addition to the Board of Directors: Francesco Pugliese, former CEO of Conad
3' min read
3' min read
After convulsive months punctuated by uncontrolled rumours, the sky is clearing over De Cecco, the world's third largest pasta producer. On 14 October, the shareholders' meeting renewed the board of directors, confirming Cavaliere Filippo Antonio De Cecco at the helm. This brings to an end one of the most uncertain periods for the Abruzzo-based company during which Filippo Antonio's leadership was repeatedly called into question. It should be remembered that Filippo Antonio recently celebrated 50 years as CEO of the family company (and 30 as president). A very long period during which he has taken the brand from the equivalent of 70 million euro turnover recorded in '73 to 630 today.
From the governance point of view, with the latest decisions, Saturnino De Cecco will no longer have any representatives on the board, just as the family's other minority representative, Adolfo Ronco Municchi, remains outside. "The reorganisation thus marks," reads a company note, "the formation of a stable family majority around the chairman Filippo Antonio De Cecco.
Confirmations and new additions to the BoD
But the news does not stop at the new governance. Also important are the new additions to the board of directors. In fact, along with the confirmations of Gianni Letta, Mario Boselli and Bruno Pavesi, there is an important new entry, that of Francesco Pugliese, the historic former CEO of Conad. A leading figure in Italian agri-food management who, according to rumours close to the family, could soon also take on operational delegations in the group.
The renewed ownership structure and the possible strengthening of the company line are also a prelude to the operational choices. Summarised by the ambitious plan launched by the board of directors to reach a turnover of one billion within five years.
The plan envisages industrial interventions such as the construction of a new 500,000-quintal silo, bringing the total grain storage capacity to 1.5 million quintals. It was a choice made in the aftermath of the outbreak of the Russian-Ukrainian war, which was followed by months of great uncertainty in the agricultural commodity markets, and in particular cereals. Therefore, it became clear to the company's management that it was necessary to run for cover by reinforcing its raw material storage capacity in order to ensure the continuity of pasta production.
