The move will instead see the creation of two new positions in senior management, to help better manage the firm’s growing portfolio.
Former group CEO Lapo Civiletti will now move into the newly-created role of president of Ferrero Ice Cream and WK Kellogg.
Having first joined the company in 2004, Civiletti became Ferrero’s first non-family CEO in 2017. He will combine his new duties with his existing role as VP of Ferrero International.
“Mr Lapo Civiletti has been crucial to the successful journey of the Ferrero Group. Under his guidance and thanks to his record of delivery, the ambition of doubling the size of the business in less than ten years has become a reality,” said Giovanni Ferrero, president of Ferrero International.
“He has built a robust management team, able to deliver consistent results, fit for an exciting future and I look forward to continuing our work together.”
Meanwhile, chief strategy and innovation officer Alessandro Nervegna has been named as the CEO of ‘Ferrero Core’, overseeing the group’s confectionery, biscuits, bakery and ‘better-for-you’ verticals.
Nervegna has spent close to three decades within the extensive Ferrero corporate machine, and is currently working as its chief strategy and innovation officer.
Ferrero added: “I am delighted to announce the appointment of Mr Alessandro Nervegna as CEO of Ferrero Core.
“His business acumen, strategic mindset and managerial rigour will ensure Ferrero Group maintains its growth trajectory and continues to be a leader in the sweet-packaged food industry.”
Famous for its chocolate and confectionery products, Ferrero famously produces all Nutella and Kinder products, as well as its signature Ferrero Rocher treats.
It also owns a variety of big-name UK brands, including Thorntons, Burton’s Biscuit Company, Eat Natural, and Fox’s Biscuits.
Last year, Ferrero made global headlines with the acquisition of US cereal giant WK Kellogg for an estimated £2.3 billion.
