Nazzareno Vassallo to step down as chairman of Vassallo Group after 50 years
Daughter Natalie Briffa Farrugia to be appointed group chairperson
Well-known entrepreneur Nazzareno Vassallo has stepped down as chairman of Vassallo Group after more than half a century at the helm of the group.
He will turn 70 later this month.
Vassallo made his announcement during the annual group event known as the Chairman’s Lunch held on Wednesday.
He also announced that the leadership of the group will be vested in his five children who will work together in different roles.
His daughter Natalie Briffa Farrugia, who is currently the CEO of CareMalta, will be appointed chairperson of the group and she will work together with her brother Pio who will continue to serve as group CEO.
In a recent communication with the top management of the group, Vassallo said he strongly believes in the collective power of his five children working together in taking Vassallo Group forward in the years to come.
Vassallo took over as managing director of a modest construction company Vassallo Builders in June 1971. Since then, he has overseen the growth of the company into one of leading group of companies in Malta branching into diverse sectors, ranging from construction to care for the elderly and persons with disability, property to catering, hospitality to education.
Earlier this year, he won the EY Entrepreneur of the Year award. Today, the group employs over 1,800 employees.
The transition in the leadership of the group will take place in early 2022. This change will also necessitate changes in the top echelons of CareMalta, which will be announced in the coming weeks.