An Alitalia jet makes a landing approach at Fiumicino airport in Rome November 18, 2008.CHRIS HELGREN/Reuters
Alitalia SpA Chief Executive Officer Silvano Cassano will step down with immediate effect, lasting less than 11 months running the affiliate of Gulf carrier Etihad Airways PJSC.
Cassano, 58, who took over as CEO in November last year, is stepping down for unspecified personal reasons, the Rome-based company said in a statement on Friday. Chairman Luca Cordero di Montezemolo will fill the CEO role until a replacement is found, Alitalia said.
Cassano, a former executive at Fiat SpA and Benetton Group SpA, took charge at Alitalia with the goal of reviving the airline with the help of Etihad, which owns 49 per cent of the company. He was tasked with one of Italy's biggest corporate turnarounds. His strategy included dropping unprofitable short– haul routes in favor of intercontinental flights, upgrading technology and pampering customers with better food and seats. Cassano had previously worked with Etihad's boss, James Hogan, at car-rental company Hertz in the 1990s.
"We will now turn to the next phase of our strategy for the business," Montezemolo said in the statement.
Chief Operations Officer Giancarlo Schisano and Chief Financial Officer Duncan Naysmith will share day-to-day management duties until a new CEO is appointed, Alitalia said. The Italian carrier is targeting a return to profit by 2017 following the tie-up with Abu Dhabi-based Etihad.