Michael Coviello, son of HTI Buying Group founder Bob Coviello, has announced succession plans for the company. In a letter to retailer and vendor members of HTI, Coviello outlined the succession plan that his father had been working toward at the time of his passing:
The Coviello family would like to thank you for your support during this difficult time. Your thoughts and prayers are appreciated. We miss my father very much. I especially miss the days he’d show up at my house with a bottle of wine under one arm, block of cheese under the other, and a smile that said “Help me finish this!”
At this time I would like to inform you of HTI’s succession plan. Bob left no stone unturned. Unfortunately he passed before he could fully execute his plan. During Bob’s last days I discovered he was in negotiations with KC and Jim Lapiana of “In The Kitchen” to purchase all shares of HTI stock. These negotiations started in March of 2013. Bob was close to completing the sale and I took it upon myself to see it through. Anne Coviello owns 100% of HTI. The Lapianas have signed a Letter of Intent to purchase HTI from Anne. Change of ownership is scheduled for January 1st, 2014. KC’s dedication to HTI and her interpretation of Bob’s vision over the last 15 years was my father’s reason for believing and supporting KC as the best successor and future leader of HTI’s Legacy.
“HTI is a community of accessible, knowledgeable and committed Independent Retailers and Vendors. My commitment is to maintain HTI’s reputation of understanding and serving the Independent Retailers needs and encouraging their independence.”
– KC Lapiana
Interim President, HTI Buying Group, Inc.