Gruppo Campari, the Italian firm which acquired the spirits and merchandise business of Lascelles deMercado and Company three months ago, has appointed one of its own to replace Fraser Thornton as group managing director.
Stefano Saccardi, an Italian and the general counsel and business development officer for Gruppo Campari, has been appointed the new chairman and managing director of Lascelles.
He replaces Gerald Yetming as chairman. Both Scotsman Thornton, who has headed Lascelles since July 2011, and Trinidadian Yetming were appointees of the former owner, the Trinidad government
Saccardi, who was born in Milan, joined Gruppo Campari in 1985 and has held various positions in the legal, corporate and public affairs departments. He holds a law degree.
Lascelles was taken over by CL Financial of Trinidad in 2008. The Jamaican company fell into the hands of the Trinidad government months later in January 2009 when it mounted a rescue of CL Financial and its insurance subsidiary, CLICO.
Trinidad eventually placed Lascelles on the market. The company was snapped up in December by Campari, the sixth-largest spirits company in the world.
The takeover consists of Lascelles' spirit business including Appleton Estate, Appleton Special and Appleton White, Wray & Nephew White Overproof and Coruba rums.
Campari said the acquisition added €220m in mostly rum assets to the group. The most-prized company in the acquisition is the 187-year-old Wray & Nephew Limited.
Davide Campari-Milano SpA, together with its affiliate Gruppo Campari, is a major player in the global beverage sector, trading in more than 190 countries, with leading positions in Europe and the Americas.
Headquartered in Sesto San Giovanni, Italy, Campari owns 14 plants and four wineries worldwide and has its own distribution network in 16 countries.
The group employs more than 4,000 people. The shares of the parent company, Davide Campari-Milano SpA, are listed on the Italian Stock Exchange.