May 21, 2019 / 5:50 PM / a month ago

Benetton scions to get more power in family holding company- source

MILAN, May 21 (Reuters) - The Benetton family’s holding company will not replace its departing CEO, giving the second generation of the family a bigger role in managing its economic empire, a source close to the matter said.

Edizione, the Benettons’ investment vehicle controlling motorway group Atlantia and caterer Autogrill, said on Tuesday its Chief Executive Marco Patuano was leaving the company after two and a half years at the helm.

Patuano’s exit will leave more power in the hands of Edizione’s board members, the source said.

“The board, in which four members of the second generation (of the Benetton family) sit, will have a more central role”, the source said.

“They will be flanked by the current general manager, who has already an operational role, and by a chairman,” the source added.

Carlo Bertazzo has been serving as Edizione’s general manager since 2012. He has been working at the Benettons’ holding company for 25 years.

Last year, two of the group’s founders, Gilberto and Carlo Benetton, died, leaving the holding company to deal with several issues including the fallout from the collapse of a bridge operated by a unit of Atlantia and the turnaround of the Benetton’s eponymous clothing group.

On Sunday, Luciano Benetton had said that former Telecom Italia boss Patuano would not be offered a second term as the CEO of Edizione. (Reporting by Elisa Anzolin. Editing by Silvia Aloisi and Jane Merriman)

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