Rita's Italian Ice announced Monday that it has appointed Michael Lorelli as the new executive chairman of the board. Lorelli, previously an operating partner at Falconhead Capital, served as an outside director since Rita's acquisition by Falconhead.
Along with his chairman responsbilities, Lorelli will also be serving as interim CEO and has been given the task of conducting a search for the new president of Rita's Italian Ice following the departure of Jonathan Fornaci.
Rita's Italian Ice, a portfolio unit of Falconhead Capital, is the country's biggest Italian Ice supplier with more than 600 outlets in 20 states. The franchise is headquartered in Trevose, Pennysylvania and has opened branches in China, India, Canada and other countries worldwide.
"There is a powerful opportunity to expand the very loyal Rita's customer base both within the existing geography, as well as in new U.S. and International markets," stated Executive Chairman Lorelli. "Rita's opened its first three California outlets in June, and expansion efforts are underway in other western states and International markets. The first units in China are slated for fall openings."
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