The Italian domestic appliance manufacturer has announced it has accepted the resignation of company CEO Massimo Garavaglia, who will leave the position he has held since May 2020 for personal reasons at the end of August
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Massimo Garavaglia has been CEO and General Manager of De’Longhi since 1 May 2020 | Photo credit: De'Longhi Group
Massimo Garavaglia has resigned as CEO of De’Longhi S.p.A, citing 'personal reasons' for his departure after two years at the helm of the Italian company.
Garavaglia will formally resign on 31 August 2022, with De’Longhi’s Board of Directors initiating a succession plan that has already seen group chairman Giuseppe De’Longhi given ‘powers of ordinary and extraordinary administration’, previously attributed to Garavaglia. The same, otherwise unspecified, powers have also been extended to Vice President Fabio De’Longhi.
“It is with great regret that I leave, in spite of myself for personal reasons, this extraordinary Group which I have had the privilege of leading in the last two years. I sincerely thank the De’Longhi family and the Board of Directors for the support and the unconditional trust shown to me right from the beginning. I also take this opportunity to thank all managers and employees of the Group who have always shown great professionalism and dedication in a period of unprecedented changes and complexities,” Garavaglia said in a statement.
Garavaglia has been CEO and General Manager of De’Longhi since 1 May 2020.
Garavaglia presided over a remarkable period of growth during his short tenure for De’Longhi, which saw sales of home coffee machines and appliances surge during the pandemic.
In 2019, De’Longhi reported ‘satisfactory’ revenues of €2.1bn and net profit of €161.7m.
Garavaglia’s two-year tenure has achieved 52% revenue growth, with 2021 annual revenues of €3.2bn ($3.6bn) accompanying double-digit sales growth across all De’Longhi’s global markets.
The group credits ‘deep-rooted change in lifestyles at home’ for fuelling exceptional performance across its business over the period, which also saw the company complete its $164m acquisition of Eversys, building on the 40% stake it acquired in June 2017.
In May 2022, De’Longhi, which also owns super-automatic coffee machine maker Eversys, reported an 8.4% rise in first quarter revenues to €735.5m ($764m) and net profit of €50.6m ($52.5m).
The De’Longhi Group is a leading provider in the domestic appliance business, with the De’Longhi, Kenwood, Braun and nutribullet brands sold in over 120 markets globally.