Silvio Debono appoints children as key officers in DB legacy plan

DB board appoints Debono scions to key officer posts as Silvio Debono retains chairmanship

The Debonos: Victoria, David, Robert and Alan
The Debonos: Victoria, David, Robert and Alan

The db Group has appointed the children of founder and chairman Silvio Debono to four key officer posts, a watershed in the family’s succession planning moment.

Group CEO Robert Debono will drive DB’s robust business and investment strategy to consolidate financial success on all fronts.

Lawyer David Debono, will be chief legal officer, overseeing all legal matters as well as HR; Alan Debono will be chief procurment and accounring officer, taking charge of financial and purchasing policy and execution; Victoria Debono is now Brands Manager, and will nurture and expand the group’s Maltese and global brand portfolio.

Silvio Debono remains chairman of the board. “My wife and I gave our children the freedom to choose their individual paths in life. They took different ones which, as luck would have it, are converging at this very moment. I am convinced that they will continue to expand and deepen our Group’s vision and prudently execute it.”

Debono said he wil be overseeing the DB transformation, “ensuring our strong financial standing is sustained and to see that our excellent track record extends to the future.”

In March 2022, DB’s revenue stood at €40 million, just €20 million less over the same period in 2020, with EBITDA at €24 million, down €3.5 million from 2020, and post-tax profits of €10.5m (2020: €12m), with €8 million in capital spending.

“This is an exciting and humbling challenge for my siblings and myself,” CEO Robert Debono said. “The Board is trusting us to sustain and enhance the success of a group of companies on which the livelihood of 4,500 families and individuals depends. It is also happening as the tourism industry and the economy are expected to get a post-pandemic reboot. The future looks bright and we are ready for it.”

The db Group’s post-pandemic recovery exceeded forecasts in March 2022, recovering to pre-pandemic levels when Malta had registered a record tourism year.

“The Group continued to invest even during the darkest pandemic months,” Debono said of the company’s new Starbucks outlets and restaurants LOA and Sonora, inagurated after March 2022.

The hotels and restaurants group has also completed an extensive rebranding and modernisation programme.