MILAN (Reuters) – Italian clothing retailer Benetton Group said on Monday it has appointed Massimo Renon, the outgoing boss of eyewear group Marcolin, as chief executive to ramp up efforts to turn the company around.

The group, which is owned by holding company Edizione, has been without a CEO since 2017. In early 2018 its founder Luciano Benetton returned to the company after many years, taking on the role of executive chairman with the aim of reviving the loss-making company.

“Renon’s entry into Benetton Group is aimed at implementing the business turnaround process started by chairman Luciano Benetton in 2018”, the group said in a statement, confirming a Reuters report earlier on Monday.

Renon will take office in April.

Benetton is not listed and has not disclosed its financial results since 2017 when it was in the red.

Marcolin said on Monday that its board had agreed with Renon, who previously also served as manager at Italian luxury carmaker Ferrari RACE.MI and eyewear group Safilo SFLG.MI, to end his contract as of April 14.