Rich's Plans for a Bright Future With New Leadership
BUFFALO, N.Y. — In the company's nearly 75-year history, Rich Products Corp. has only had four presidents. Now, under the leadership of newly promoted President and Chief Operating Officer Richard Ferranti, the family-owned business will keep true to its core values, while nonetheless preparing to adapt to the changing industry so it may seize opportunities.
"Our strategic path won't be changing," said Bill Gisel, Ferranti's predecessor, who remains CEO. "Richard and I have worked together for more than 30 years. The current direction of Rich's is a product of both of our collective thinking and our partnership — which has truly been driving the organization for quite some time already."
In the immediate future, the company is prepared to meet the needs of consumers who "want interesting food solutions everywhere they go," Gisel told Convenience Store News.
Rich's plans to aid convenience stores specifically in expanding their range of product offerings and solutions to include different, high-quality and fresher foods.
Ferranti, who joined Rich's in 1986, points to the company's culture, its challenging yet rewarding environment and his experiences over time as the strong foundation on which to build as the executive team looks toward the future.
"We view the c-store channel as a large growth opportunity. We understand the increased pressure c-stores are under to develop foodservice capabilities and also to address the labor challenges that exist today," Ferranti said. "Given our position, we're helping our c-store channel customers to deal with the challenges they face by providing solutions their consumers are seeking. We're going to continue making significant investments in sales, marketing, R&D and technology that will fit the c-store channel and the evolving consumers they serve."
Over the next three to five years, Rich's plans to leverage several investments and infrastructure that were put in place in recent years. This includes investments in technology and digital capabilities; helping customers navigate new channels such as ecommerce; and its continued commitment to investing in its people.
Rich's 75th anniversary in business will occur in 2020, a rare feat for a large, family-owned business, Gisel acknowledged.
"It's something we're proud of and we'll be sure to recognize and celebrate with our associates who've been key to our success over the years," he said. "What we won't do, I can say with certainty, is rest on our laurels. We'll continue with our laser-like focus on our customers, innovation, technology and our people."
Ferranti concurred, adding that Rich's is already thinking of the post-anniversary years.
"Rich's is a strong company and we've been successful partly because we always think with the future in mind," he said. "Part of our responsibility today is to develop the right talent, so we're positioned to be a successful family-held business well into the future. We believe our 75th is simply a milestone as we look toward the next 75 years and beyond."
Buffalo-based Rich's portfolio includes creative solutions geared toward helping food industry professionals compete in foodservice, retail, in-store bakery, deli, prepared foods and more.