Alessandro Benetton moves aside for Gianni Mion

More changes are to come to Italian fashion company the Benetton Group, following

its new business restructuring programme and the appointment of Marco Airoldi as its new Chief Executive Officer.

On Thursday morning after its annual shareholders, the group announced that Alessandro Benetton would be stepping down from his role as chairman of the family owned group, and that Gianni Mion had been appointed as non-executive chairman.

It will be the first time in the group's 49 year history that a non-family member will be at the helm of the company. Mion will take on the new role in addition to his current position as vice chairman of Edizione Srl, the Benetton Group's holding company.

A new board of directors was also appointed during the meeting, which will consist of Alessandro Benetton, Christian Benetton, Franca Bertagnin Benetton, Sabrina Benetton, Gianni Mion, Marco Airoldi, Tommaso Barracco, Fabio Buttignon, Alfredo Malguzzi, Francesco Panfilo and Sandro Saccardi. In addition, a new board of statutory auditors was named, which includes Angelo Casò as chairman, Antonio Cortellazzo and Filippo Duodo.

Alessandro Benetton is set to return to his former role as executive chairman of private equity fund 21 Partners. Benetton first founded the fund back in 1992 and named it 21 Investimenti. However in 2012 he took over his father's position at Benetton, who had helmed the group for 47 years.

The board of directors and shareholders of the Benetton Group shared their gratitude to the outgoing members of the board in a press release. The group also thanked “Alessandro Benetton for his work while chairman and Biagio Chiarolanza for his contribution to the group also while its CEO.”