Benetton Group to appoint new CEO

Benetton Group is set to appoint Marco Airoldi, senior partner as the Boston Consulting Group as its new chief executive officer, as the company prepares to implement its restructuring plan which will see the its core businesses divided into three separate companies, all controlled

by Edizione Srl holding company, that is owned by the Benetton family.

The Italian fashion company previously revealed the three year programme, which Alessandro Benetton, chairman of Benetton Group commissioned the Boston Consulting Group to create last November and aims to have the new structure in effect by early 2015.

The first of the three new made divisions will be responsible for the management and control of the Group's brands, the second - the manufacturing division – will be mainly devoted to the production for brands Benetton plants in Serbia, Tunisia and Italy. The third division, the real estate division, will have the power to decide which establishments are no longer strategic for the group.

Marco Airoldi named CEO of Benetton

Edizione revealed on Friday that Airoldi would be named the chief executive officer of its new fashion brand division, which includes its Benetton and Sisley labels, effective on 8 May. Airoldi held his current position at the Boston Consulting Group since 2003 and was previously worked for Autogrill SpA which is also owned by the Italian holding company.

As a result of the corporate reorganization Airoldi will also hold the role of managing director of Benetton Group. He will be effectively succeeding the Group's current CEO Biagio Chiaraolanza, who is set to leave the company revealed a inside source to Reuters. Chiaraolanza was first appointed CEO in 2010 and the Group declined to comment on his future step.

Benetton sales were down 10 percent in 2013 compared to the year before, although the Group was able to reduce its debt levels. The company reported sales of 1.6 billion euros for the financial year.