When Pio Vassallo describes his role as CEO of Vassallo Group, his words are rooted not in hierarchy, but in legacy. “I see myself as a servant leader,” he explains. “I try to persuade and empower, rather than enforce. I want people to come to me for advice… and that is how you build trust, through honesty and openness.” That philosophy has deep roots. Founded in 1946 by his grandfather Piju, whom Pio was named after, Vassallo Group has grown from a construction company into one of Malta’s most diverse and respected enterprises, spanning real estate, hospitality, healthcare, education, and catering. Yet, despite its size and scope, the spirit of family remains at its heart.

“I was literally brought up in the business,” Pio recalls with a smile. “As children, we would visit sites with my grandfather, known affectionately even by employees as ‘Nannu Piju’. The people in the office and on site were treated like family. Respecting one another was always very important.” Those early lessons instilled in him a lifelong appreciation for hard work and responsibility. “I did different jobs from around the age of 10, helping out in the office, spending time in the design department, and learning on site.

The site teaches you a lot about dealing with people and difficult situations.” He also remembers with fondness the family summers at the Vassallo Holiday Flats in Għadira. “We lived on the ground floor, and we were told not to make too much noise, or we would disturb the guests. It was the first experience in tourism for me and my siblings,” he recounts. “Then came the Buġibba Holiday Complex in 1982, which we still own today. I can still recall watching the first guests arrive after construction… it’s the same feeling I get to this day when tourists check into our hotels.”

Of course, there were challenging decisions, such as when his father, Nazzareno, considered selling the complex. “We were devastated when we heard,” Pio admits. “But in the end, it never happened and we still own it today.” They also owned one of the very first pizzerias in Malta: Tas-Sienja. “I remember my father walking up to the head waiter and asking how many covers there were that day,” he recalls. “It was my first real exposure to key performance indicators. I also recall him signing the bill afterwards, reminding us that nothing comes for free, even if you own the business.”

The Vassallo family’s entrepreneurial spirit continued to evolve, with ventures that marked milestones not just for the Group, but for Malta’s economy. One very important milestone in the early 1990s was when his father purchased the land on which Casa Arkati was eventually built. “When the project was completed, I was responsible for carrying out the ‘snag list’. This entails going from room to room, checking every detail, to ensure nothing was missing. I still remember the excitement of welcoming the very first elderly residents. The respect shown towards them reminded me of the way we were taught to respect our own grandparents.”

In the early 1990s, his entrepreneurial father formed Novità, a consortium of Maltese companies that decided to collaborate instead of competing to stand stronger against international players. “I remember the day they were completing the tender for the Malta International Airport project; the entire team worked through the night at the office, and I brought them food to keep them going,” he reminisces. Pio recalls the day he and his siblings became shareholders at the age of 18, a moment that reinforced the weight of responsibility that comes with legacy.

His parents were adamant that their children had to study before joining the family business. “Before going to university, I spent almost two years working on different sites, gaining hands-on experience and learning the practical side of the industry from the ground up. I then joined full-time in 1999 after completing my university degree,” he explains. His first major assignment was the restoration of the Malta Stock Exchange. “I worked alongside John Schranz for many years, and when he left, I had to dive into the deep end. It was a defining period for me.”

By 2004, Pio had become Group CEO, while still managing the construction arm until 2018, when Jonathan Buttigieg took over, allowing him to focus on being Group CEO full-time. “I have seen the Group develop from strength to strength. We diversified, but our purpose remains clear… to leave a positive impact on society.” That mission is evident across Vassallo Group’s recent ventures, including in education, with the Mediterranean College of Sport combining athletic and academic excellence to nurture Malta’s next generation of student-athletes.

“Preparing for the next generation is one of my biggest responsibilities,” he adds. “Ensuring a smooth, clear, and sustainable succession is vital. I want to leave behind a family business that remains guided by our founding values, using business as a force for the common good. You are a guardian of the business, and you owe that to the next generation.” It is a vision that reflects the values handed down from his grandfather: hard work, respect, humility, and service. “A family business has many challenges,” Pio admits. “This is something you have to work on every day… if you keep the common good at the heart of every decision, success will follow.”