With an eye on the stock market, Italy's Illycaffe picks new CEO
15/11/2021 15:11
MILAN, Nov 15 (Reuters) - Illycaffe has chosen Cristina
Scocchia, current boss of cosmetic company Kiko, to become chief
executive at the start of next year as the Italian premium
coffee maker gears up for a potential stock market listing.
The company controlled by the Illy family said that Scocchia
would in January succeed current CEO Massimiliano Pogliani, who
five years ago became the first non-family member to take charge
of the group.
Under his leadership, Illycaffe completed the sale of a 20%
stake to private equity firm Rhone Capital last February,
opening up its capital to an external investor for the first
time in its 88-year history. urn:newsml:reuters.com:*:nL8N2KV8LU
"For the new growth cycle that will start in 2022 and in
view of a future listing, we have chosen Cristina Scocchia, a
manager recognised for her talent in developing brands with high
aesthetic and experiential content," company Chairman Andrea
Illy said.
Scocchia has been on Illycaffe's board since 2019 and is
also a board director for glasses group EssilorLuxottica
ESLX.PA .
Illycaffe, which produces a blend made of nine varieties of
arabica beans, was established by Andrea Illy's grandfather
Francesco and was 100%-owned by the family's Illy Group holding
company until February.
Andrea Illy told Reuters in February the coffee maker, based
in the northeastern city of Trieste, could consider a bourse
listing in the coming years, adding his family did not want to
relinquish control even in the event of a stock market debut.
(Reporting by Francesca Landini
Editing by Keith Weir)
((francesca.landini@thomsonreuters.com; +39 02 66129437;
Reuters Messaging: reutersitaly.thomsonreuters@reuters.net))