Core Insights - Ferrero has restructured its leadership by removing the group CEO role and creating two senior positions to manage its expanded product portfolio through mergers and acquisitions [1][2][3] Leadership Changes - Lapo Civiletti has transitioned to the role of president of Ferrero Ice Cream and WK Kellogg, while Alessandro Nervegna has been appointed CEO of Ferrero Core, overseeing confectionery, biscuits, bakery, and "better-for-you" categories [1][2] - Both new positions report to Giovanni Ferrero, president of Ferrero International S.A., reflecting the company's growth and future ambitions [2][3] Strategic Intent - The governance restructure aims to strengthen Ferrero's competitive position in the sweet-packaged food sector, with Giovanni Ferrero highlighting Civiletti's crucial role in the company's growth and ambition to double its size in less than ten years [3] - Nervegna's experience and strategic mindset are expected to maintain Ferrero's growth trajectory and leadership in the industry [3] Recent Acquisitions - Ferrero acquired WK Kellogg for $3.1 billion, adding brands like Froot Loops and Raisin Bran to its portfolio, and has expanded its ice cream presence through acquisitions in 2019 and 2022 [4] - The company has also added to its snacks portfolio with the acquisition of Power Crunch and has expanded its snacks range in Europe with the purchase of Eat Natural [5][6] Financial Performance - For the financial year ending in August, Ferrero's consolidated turnover increased by 4.6% to €19.3 billion ($22.4 billion), excluding contributions from WK Kellogg [5]