Buffalo, NY, December 14, 2011 – Rich Products Corporation has realigned its governance and organizational structure, effective January 1, 2012, announced President and Chief Executive Officer, Bill Gisel. Rich’s is transitioning from its current dual business group structure, North America and International, to one organization consisting of five regional business units: Asia/Pacific, Europe/Middle East, Latin America, South Africa, and U.S./Canada.
“The timing is right for this next step in our organizational evolution,” said Gisel. “During the past 20 years, we have made considerable investments in our business infrastructure and built significant workforces across the world. The logical transition to one universal business group with regional governance supports the fact that we’re now truly a global enterprise.”
“This move will strengthen our ability to share our global business and in-market expertise with our customers, delivering trends and ideas from around the world that will help them be more successful,” Gisel said. “It also will enhance the development opportunities we offer to our associates across our company.”
Executive Strategic Leadership Team:Rich’s Executive Strategic Leadership Team (ESLT) will continue to report to Gisel and maintain accountability for Rich’s portfolio of businesses, financial controls and risk management, organizational development and worldwide reputation. The following are key position and responsibility changes for Rich’s ESLT members:
Richard Ferranti is being promoted to Executive Vice President and Chief Operating Officer. Ferranti, who most recently served as President of Rich’s North America Business Group, will have oversight of Rich’s five regional businesses. A Rich’s associate since 1986, Ferranti previously spent 10 years as President of Rich’s International Business Group prior to his North America leadership role, spurring significant growth in Rich’s international sales and global presence.
“Richard has successfully led our North America business through our evolving strategy that has focused on and advanced our strengths, while embracing the historic changes in the world in which we compete,” said Gisel. “His intellect, passion and long-term track record of success in a variety of important leadership roles across Rich’s make Richard the ideal candidate to assume this critical position for our company.”
Kevin Malchoff is being appointed to the new role of Executive Vice President of Global Business Development. Malchoff, who most recently served as President of Rich’s International Business Group, will lead the company’s efforts to advance the strategies, capabilities and processes needed to accelerate new business across the globe.
“Kevin has devoted the past five years of his 30-year Rich’s career as the President of the International Business Group,” said Gisel. “Under Kevin’s leadership, our businesses outside the U.S. and Canada have driven unprecedented rates of growth and success in emerging markets across the globe.”
Concurrent with this announcement, Bob Rich, Jr. also has announced Malchoff’s appointment to the company’s Board of Directors.
Jim Deuschle, Rich’s Executive Vice President and Chief Financial Officer, is assuming additional responsibility for the company’s Global Procurement function, replacing Bill Gillmore, Rich’s Chief Procurement Officer, who has announced his retirement effective April 1, 2012.
“Jim has worked closely with our Procurement function to improve our ability to plan and forecast the impact of commodities on our business, and has continued to demonstrate strong leadership and valuable insight as a member of our executive team,” said Gisel. “His assumption of a closer leadership role over Procurement is consistent with his responsibility for our enterprise risk management strategies.”
Maureen Hurley, Rich’s Executive Vice President and Chief Administrative Officer, is continuing in her current role with oversight of the company’s Legal, Communications and Human Resources functions. Hurley also is taking on added responsibilities related to global HR leadership.
“Maureen has demonstrated a keen insight and ability to drive people and communication strategies that shape our culture and engage our associates,” said Gisel. “She will also be instrumental in driving the strategies that support our worldwide reputation.”