Middleby CEO retires; CFO to head company
Selim Bassoul, chairman, president and CEO of The Middleby Corp. in Elgin, is retiring, the company announced Tuesday.
Bassoul said he plans to focus on his family and his humanitarian efforts through his Bassoul Dignity Foundation, the company said in a release. He will continue to serve as a consultant to the Middleby's board of directors.
The company said Chief Financial Officer Timothy FitzGerald will succeed Bassoul as CEO and member of the board. FitzGerald, who has been CFO since 2003, has been instrumental in the development of the company since joining in 1998.
Bassoul, who has been with the company for 23 years, led the food service equipment manufacturer through a period of growth over the past decade from a company best known for building commercial industrial ovens to a global manufacturer of commercial and residential cooking and kitchen equipment. Middleby acquired a number of related companies during his term, including brand names like Viking, TurboChef and Toastmaster.
"This is the right time for me personally to transition to the next generation of leadership," Bassoul said. "Middleby is well positioned for the future with a strong team and a solid foundation."
FitzGerald has served as vice president and CFO since 2003. Prior to that, he was vice president and corporate controller of Middleby from 1998 to 2003. FitzGerald was involved in all strategic and operating decisions and was responsible for the several acquisition and business development activities.
He also led the development and had oversight for the Middleby Worldwide international sales and distribution operations. More recently he developed the Middleby residential distribution platform supporting growth for Viking and all the residential brands.
"Tim has been an architect of the Middleby business strategy and has led the acquisition efforts, developing three industry-leading platforms through more than 70 brand acquisitions," said newly-appointed board Chairman Gordon O'Brien. "Under the leadership of Selim and Tim, Middleby revenue has grown from $100 million to approaching $3 billion."
The company also announced David Brewer has been promoted to executive vice president and chief operating officer and Bryan Mittelman has been promoted to Chief Financial Officer.
Brewer has been COO of Middleby's Commercial Foodservice Group since 2009 and developed the Middleby National Accounts team, which serves the major restaurant chain customers. He joined the company in 2007 as president of Middleby's Pitco division. Prior to that, he was president and general manager at Lantech Corporation and held leadership positions at Yum Brands Corp.
Mittelman has 27 years of finance experience and most recently served as chief accounting officer of The Middleby Corporation since 2018. Prior to Middleby, he spent five years as a vice resident and controller of Knowles Corp. Mittelman was also corporate controller at Morningstar.
O'Brien has been associated with Middleby since 2001, a member of the Middleby board of directors since 2005, and has served as Lead Independent Director since 2010. He has been Managing Partner at Cannon Capital since 2017.