Italy’s confectionery group Ferrero is entering a new phase of international expansion, reshaping its governance as a string of acquisitions in the United States pushes the Nutella maker towards more than €25B in annual revenue.
The Alba-based confectionery group is creating two new divisions focused on its core categories and on ice cream and cereals, while redefining the responsibilities of its top executives. The changes are designed to strengthen competitiveness in packaged confectionery while preparing the group for its next stage of international growth and, over time, managerial succession.
At the top of the new structure, Giovanni Ferrero will become chairman of Ferrero International, the group holding company whose latest available accounts, for the year ended August 2025, reported revenue of €19.3 billion. Ferrero will continue to set the group’s long-term strategy, with mergers and acquisitions remaining a central pillar of its expansion.
The new governance model, announced in March, is now becoming operational after a transition period intended to ensure continuity rather than create a sharp break with the past.
Two divisions for a broader portfolio
Under the new structure, current group CEO Lapo Civiletti, born in 1961 and the first external manager appointed by the Ferrero family to lead the multinational almost a decade ago, will become chairman of U.S.-based WK Kellogg Co. and of Ferrero Ice Cream, the group’s ice-cream business spanning the United States and Europe. These activities have expanded beyond Ferrero’s traditional confectionery perimeter and now require dedicated governance and close coordination.
Alessandro Nervegna, born in 1965 and currently responsible for strategy and innovation, will become CEO of Ferrero Core, overseeing the group’s key categories, including confectionery, biscuits, bakery products and the better-for-you segment, which includes energy bars.
The division will therefore cover the brands and products at the heart of Ferrero’s traditional business, including Nutella, Kinder, and Ferrero Rocher, as the group continues to expand them internationally and develop new formats.
Nervegna has spent 28 years at Ferrero, working in Germany, the UK, and South America before becoming one of the group’s key executives in innovation. His new role reflects Ferrero’s expanding scale while also establishing a governance framework intended to support continuity during future management succession.
The U.S. becomes increasingly central
The growing importance of the United States has been a major driver behind the strengthening of Ferrero’s management team. In mid-August, Ferrero agreed to acquire Purely Elizabeth, a U.S. company specializing in granola, a cereal-and-fibre breakfast product typically consumed with milk or yogurt and positioned in the health-oriented food segment. The company generates more than $150 million in annual revenue.
The deal adds another piece to Ferrero’s increasingly extensive U.S. portfolio and represents the latest in a long series of acquisitions that have transformed the group’s North American presence. As a result, the business generated in the Americas is now approaching 50% of Ferrero’s total revenue.
Purely Elizabeth follows acquisitions including Fannie May, Ferrara Candy Company, Nestlé’s U.S. confectionery business, the U.S. cereal operations of WK Kellogg, Wells Enterprises—acquired for approximately $1.5 billion—and, more recently, Power Crunch.
The sequence illustrates the direction of Ferrero’s M&A strategy: using acquisitions to broaden its exposure to product categories with strong growth potential while building scale in one of the world’s most important consumer markets.
The United States has consequently evolved from being an important export destination into one of the pillars of Ferrero’s international business. The strategy has also enabled the group to move beyond its traditional confectionery positioning, expanding into cereals, better-for-you products, and ice cream.