Vassallo Group has announced that its chairman, Nazzareno Vassallo, will step down from the role after more than half a century at the helm.

Mr Nazzareno, who will turn 70 later on this month, will be passing leadership of the group to his five children, who will work together in different roles.

His daughter, Natalie Briffa Farrugia, who is currently the CEO of CareMalta (which forms part of Vassallo Group), will be appointed chairperson of the group and she will work together with her brother, Pio, who will continue to serve as group CEO.

Mr Nazzareno made this announcement during the annual group event known as the Chairman’s Lunch, but in prior communication with the group’s top management, he expressed his strongly-held belief in the collective power of his five children in working together to take it forward in the years to come.

Indeed, succession planning at the top levels of the group started multiple years ago, when the five siblings – Natalie, Pio, Christian, Ruben and Charlene, were made equal shareholders, and assigned to leadership roles.

Ms Briffa Farrugia has been running CareMalta as CEO since 2009, whereas Pio has headed Vassallo Builders Ltd for 20 years, before being appointed as CEO of the group four years ago.

Christian is chief executive of Campus Residence Ltd, operator of Campus Hub, whereas Ruben is CEO of Vassallo Group Realty, while Charlene is currently leading a new project related to alternative care within the group.

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.

The transition marks a major shift, not just for the company, but for Malta’s wider business landscape, as Mr Vassallo has been instrumental into transforming “modest construction company” Vassallo Builders into one of the leading groups of companies in Malta, with branches in diverse sectors from construction to elderly care.  

Today the group employs over 1,800 employess, has a share capital of over €45 million, an aggregated turnover of €78 million, fixed assets valued at €417 million with the value of net assets exceeding €250 million.