Todd Siwak has been president and CEO of Ferrara for seven years — a related company of the Ferrero Group.
Todd Siwak has been named president and chief business officer of Ferrero North America, where he’ll be tasked with growing the confectionary company’s business in the U.S., Canada and the Caribbean.
He replaces Paul Chibe, who is stepping into a new international role within Ferrero Group as global president, sugar confectionery and gums.
The company tapped its own ranks to replace Chibe, who’s held the role since 2015, as it grows its North America operations. In addition to expanding its New Jersey headquarters, Ferrero is constructing its first chocolate manufacturing plant in North America in Bloomington, IL.
Siwak has been president and CEO of Ferrara for seven years — a related company of the Ferrero Group — and a statement cited his results in driving revenue growth and profits thanks to organizational restructuring and eliminating inefficiencies, as well as product revitalizations.
He will report directly to Ferrero Group CEO Lapo Civiletti to lead Ferrero North America’s transition into its own distinct area and away from serving as a part of a larger international region. The move seeks to strengthen Ferrero’s global business’ position in the sweet packaged food category; the privately owned company said it’s recorded a 6% growth rate over the last five years.
Prior to Ferrara, Siwak was an operating partner at private equity firm L Catterton, where he served as interim CEO for a number of its portfolio companies.
“I’m proud to join Ferrero North America and to build on the momentum here,” said Siwak. “Ferrero has an impressive portfolio of iconic brands and a reputation for product quality and excellence. I’m eager to work closely with this talented team and continue to bring value to the market, while strengthening Ferrero’s position in North America.”