Vernaglione resigned as MD last week. Gruppo's shareholders appointed Luigi Seghezzi in his place.
In his four years as MD, Vernaglione guided the restructured company into "more stable waters", said Gruppo's chairman, Antonio Colombo.
"Gruppo is looking forward this coming year to a considerable increase in sales, at a time when volumes are reducing drastically and choice is becoming ever wider," said Colombo.
Gruppo's three divisions - Cinelli, 3TTT and Columbus tubing - focus on top-end components made from composite materials such as carbon fibre.
Colombo said there would be a "considerable increase" in funding for Gruppo's R&D programme. and Development sector and new technologies applied to the manufacturing of handlebars, stems and tubing ranges.
Luigi Seghezzi, the new MD, is partner and MD of Bike Machinery of Italy.
Colombo said: “I have known Luigi for over 20 years and I am confident that his great experience, gained in the cycling sector, will allow him to produce the same positive results for Gruppo which Bike Machinery has always achieved.”