Buffalo, New York-based Rich Holdings has promoted Melinda “Mindy” R. Rich to become chairman of the family-owned corporate parent, Rich Holdings. She previously served as vice chairman, EVP and a member of the board for Rich Products Corporation.
In this transition, she succeeds Robert E. Rich Jr., who served as chairman for 16 years. Rich Jr. will become a senior chairman to support his wife as she leads the company.
Mindy Rich joined Rich Products Corporation in 1985 and worked in various roles as part of the leadership team, including EVP of innovation. In that position, she unified initiatives across the enterprise, established best practices and processes and identified new business opportunities and technologies. She also expanded the breadth and accelerated the pace of product development in support of Rich’s long-term growth strategies. She also chairs the board’s finance audit, compensation and organization committees.
“This decision was made after years of very deliberate and careful planning,” she said in a message to the company’s more than 12,500 employees worldwide.
“Intentional succession planning is a crucial part of fostering a robust leadership pipeline – especially in a family-led company like ours. We expect and demand that our senior leaders actively participate in this kind of forethought, and we hold ourselves accountable to the same expectations as stewards of…our family of businesses.”
Over the course of her career, Mindy Rich focused on developing and nurturing the company’s organizational culture and work/life programs. She also served as executive vice chair of Rich Entertainment Group, responsible for overseeing the organization’s baseball, theater, restaurant and travel interests.
She is a member of the corporate board of directors and the compensation and human capital committee for M&T Bank Corp. She also is a member of the Cleveland Clinic board; the board of trustees for Cleveland Rock & Roll/Rock & Roll Hall of Fame and Museum; and an advisor on BDT Capital Partners LLC’s advisory board.
“We are steadfast in our commitment to remaining a private, family-owned company,” Rich Jr. said. “This was a deep desire of our founder, my father, Robert E. Rich Sr. And, over the years, his aspiration morphed into an unwavering, family-wide directive that is as fundamental to our identity as a company as the delicious products we make.”
“Maintaining this core value requires diligent design and preparation at all levels of the organization, but particularly as it pertains to succession planning for our most senior leaders. In her role as chairman, Mindy will assume stewardship of our multi-billion dollar, global enterprise, leading us into the future,” added Rich Jr.