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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Asia Pacific World Search Search: Versace announces CEO's exit AFP - Sunday, June 7 MILAN, Italy (AFP) - - The Italian luxury group Versace announced its chief executive Giancarlo di Risio was leaving by mutual consent after a board meeting late Friday. ADVERTISEMENT "Gianni Versace SpA and Mr Giancarlo Di Risio announce that they have reached the mutual decision to close their professional relationship," the house said in a statement, adding that Di Risio had agreed to stay on temporarily to "guarantee a smooth transitional period for the company." The announcement came after press reports saying he was poised to resign after a disagreement with Donatella Versace, the house's artistic director. The fashion house last week denied rumours that the sister of the late Gianni Versace had opposed cost-cutting measures imposed by the manager to combat the current financial downturn. Di Risio was appointed in September 2004 to restructure the business, which had been in crisis since Gianni Versace's murder in Miami in 1997, and at the time had losses of 26.5 million euros. The former chief executive of Fendi managed to get the company back into profit over the next five years. In 2008 Versace had sales of 336 million euros with profits of nine million euros. In the first three months of this year, the house announced turnover of down 13.4 percent because of non-payment of royalties for the Versace Jeans line by Ittierre, the Italian textile company which produced them under licence and is currently in serious financial difficulties. Reports in the Italian media said Di Risio could join the flamboyant designer Roberto Cavalli, who recently announced that he had sold a 30 percent share in his company to the Italian investment bank Clessidra, which was looking to recruit a manager from outside the house. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Entertainment & Lifestyle US comedian goes commando in IraqAFP - Sunday, June 7 Universal rejects charges against CohenAFP - Saturday, June 6 E3 bodes well for videogame loversAFP - Saturday, June 6 Venice's Biennale: a wide, multi-dimensional worldAFP - Saturday, June 6 YouTube showing Besson documentary 'Home'AFP - Saturday, June 6 Enlarge Photo The Italian luxury group Versace announced its chief executive Giancarlo di Risio, seen here in 2006, was leaving by mutual consent after a board meeting late Friday. Most Popular – Entertainment Viewed Carradine may have died from sex act: Thai police Wall Street ponders if rally can run further Susan Boyle out of London clinic: brother Black boxes may never be found: crash investigators World 'getting closer' to swine flu pandemic: WHO View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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