Olivetti Executive Submits Resignation

Thu., Sept. 19, 1996

From Staff And Wire Reports

Olivetti SpA chief Francesco Caio resigned Wednesday, fresh off a victory for control of the company that was quickly overshadowed by an embarrassing investigation and fading support from directors.

His departure comes two weeks after winning a battle for the money-losing computer and telecommunications group with longtime Chairman Carlo De Benedetti.

Caio stepped down only three months after being appointed, as the company struggled with a severe crisis that saw its shares plummet to record lows while magistrates opened an investigation into allegedly misleading first-half financial reports.

Caio, 39, who previously ran Olivetti’s cellular phone unit Omnitel, shook up Olivetti’s top management after taking over and said he would seek out partners for its money losing personal-computer business while focusing on telecommunications.

Caio was placed under investigation this week along with Benedetti and his successor as chairman, Antonio Tesone.

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Olivetti Executive Submits Resignation

Jesse Tinsley

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