Alitalia says CEO quits after less than a year amid major turnaround plan

Associated Press

Alitalia says CEO Silvano Cassano has quit after less than a year in the job, which has been focused on restructuring the once-failing Italian airline under the ownership of Emirates-based Etihad.

The airline said in a statement Friday that Chairman Luca Cordero di Montezemolo will take up the role on an interim basis until a new CEO can be named. The chief operations and financial officers would handle day-to-day operations.

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It said Cassano, a former executive with carmaker Fiat and apparel maker Benetton, was resigning for unspecified personal reasons.

Etihad bought a 49 percent controlling stake in Alitalia last year, launching a major restructuring plan with significant investments for fleet upgrades and new route development, especially to Asia.