Nazzareno Vassallo stepping down as Vassallo Group chairman, after 40 years at the helm

Veteran entrepreneur Nazzareno Vassallo will be stepping down as chairman of Vassallo Group after more than 50 years at the helm of the group. He will be turning 70 later this month.

Vassallo made the announcement 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, currently the CEO of CareMalta, 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 managing director of a modest construction company – Vassallo Builders – in June 1971. 

He went on to oversee the growth of the company into one of the leading group of companies in Malta, branching into diverse sectors ranging from construction, care for the elderly and persons with disability and property management to catering, hospitality and education. 

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 children – Natalie, Pio, Christian, Ruben and Charlene – were made equal shareholders of the group and, over the years, assigned leadership roles within the group. 

Natalie, the oldest of the siblings, has been running CareMalta 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, operator of Campus Hub. Ruben is CEO of Vassallo Group Realty and Charlene is currently leading a new project related to alternative care within the group.

The transition in the leadership will take place in early 2022. 

New appointments at CareMalta will be announced in the coming weeks.