Issue link: https://maltatoday.uberflip.com/i/1438074
maltatoday | SUNDAY •19 DECEMBER 2021 16 COMMERCIAL Nazzareno Vassallo to step down as chairman of Vassallo Group VETERAN entrepreneur Naz- zareno Vassallo will be step- ping down as chairman of Vas- sallo Group after more than 50 years at the helm of the group. He will be turning 70 later this month. Vassallo made the announce- ment during the annual group event known as the Chairman's Lunch held on Wednesday, confirming that the leadership of the group will be vested in his five children. Natalie Briffa Farrugia, cur- rently the CEO of CareMal- ta, will replace her father as chairperson of the group will be working together with her brother Pio who will continue to serve as group CEO. Vassallo took over as the man- aging director of a modest con- struction company – Vassallo Builders – in June 1971. He went on to oversee the growth of the company into one of the leading group of compa- nies in Malta, branching into diverse sectors ranging from construction, care for the el- derly and persons with disabil- ity and property management to catering, hospitality and ed- ucation. Earlier this year he won the EY Entrepreneur of the Year award. Vassallo Group employs over 1,800 staff, has a share capital of over €45 million, an aggregated turnover of €78 million euro, and fixed assets valued at €417 million, with the value of net assets exceeding €250 million. Succession planning at the top levels of the group started years ago when Vassallo's five chil- dren – Natalie, Pio, Christian, Ruben and Charlene – were made equal shareholders of the group and, over the years, as- signed leadership roles within the group. Natalie, the oldest of the sib- lings, has been running Care- Malta since 2009. Pio headed Vassallo Builders Ltd for 20 years until being appointed group CEO four years ago. Christian is chief executive of Campus Residence Ltd, oper- ator of Campus Hub. Ruben is CEO of Vassallo Group Realty and Charlene is currently lead- ing a new project related to al- ternative care within the group. The transition in the lead- ership will take place in early 2022. New appointments at Care- Malta will be announced in the coming weeks. PRESIDENT George Vella to- day announced the 5th Edition of the Tallinja għal l-Istrina in- itiative that will take place on Saturday, 18 December. Through this initiative, Malta Public Transport will be do- nating the fare for every jour- ney which has been paid with a Tallinja Card as well as those paid in cash on the bus. This means that people travelling by bus on 18th December will be helping to raise funds for the Malta Community Chest Fund Foundation (MCCFF). Speaking at the official launch of Tallinja għal l-Istrina, Mal- ta Public Transport Chairman, Mr Felipe Cosmen, welcomed this initiative. "We are proud to be supporting the Maltese community and the Malta Community Chest Fund Foun- dation," said Mr Cosmen, "At Malta Public Transport, we be- lieve that we can make a differ- ence in the quality of people's lives as we care about the com- munity and our environment." "Malta Public Transport is proud to once again contribute towards L-Istrina and make a difference in people's lives," continued Konrad Pulé, Mal- ta Public Transport General Manager. "L-Istrina is not sim- ply a fundraising event but a national festival that brings us together to support a common cause."President George Vella thanked Malta Public Trans- port for organising this event and for the effort to support the L-Istrina campaign and, ultimately, the Malta Commu- nity Chest Fund Foundation (MCCFF). Passenger fees will not be af- fected, and the regular fares will apply including Child & Concession Tallinja Cards at €0.25c per trip; Adult, Student and Gozo Tallinja Cards at €0.75c per trip; and cash tickets at €1.50 per trip. 5th edition of Tallinja għal l-Istrina set to take place mid-December Nazzareno Vassallo President George Vella