Fiocchi Group Appoints Italian, Paolo Salvato to Group CEOTue Jan 16, 2024
The Fiocchi Group, a small-caliber ammunition manufacturer majority-owned by the industrial-technology group CSG, has appointed a new Group CEO. David Štěpán, CSG's Investment Director for Foreign Projects, who temporarily managed the Fiocchi Group in the first year after its acquisition by CSG, recently announced that he is being replaced by Paolo Salvato. Štěpán will continue to serve as the CEO of CSG Ammo+.
An experienced manager, Salvato joins the Fiocchi Group from Leonardo, where he managed strategic innovation projects. He also worked for Thales Group, where he oversaw the Italian operations as CEO of Thales Italia and served as Vice President for international business development at the Paris headquarters. Salvato is a graduate of the University Federico II of Naples and holds a Master Degree from the University of Turin. He also studied at the Institute for Advanced Defence Studies (IASD), the highest joint educational institution in the Italian defense sector.
"I am thrilled to be joining such an important company as Fiocchi,” said Salvato. “This brand is synonymous with high-quality small-caliber ammunition, and I am glad that I will be entrusted with its further development. There are a lot of challenges and opportunities ahead of our team. Whether it is further growth in all our market segments and geographies, or a closer integration of the British company Lyalvale Express and Bologna's Baschieri & Pellagri into the Fiocchi Group, there is much value to be further generated," says Salvato.
David Štěpán adds: "I spent the first year at Fiocchi after the completion of the acquisition by CSG and my presence, whether in Italy or the USA, was essential from the group's point of view. Now, I must return to the divisional level to focus on managing the entire division, which is why I am stepping down as Fiocchi Group CEO. I would like to thank my colleagues at Fiocchi for their cooperation during this transitional period, and I believe that my successor, Paolo Salvato, is the ideal choice to lead the company."