October 29, 2012 / 5:08 PM / 6 years ago

Italy's CIR founder De Benedetti hands over control to sons

MILAN, Oct 29 (Reuters) - Italian holding company CIR said on Monday its founder and honorary chairman Carlo De Benedetti would transfer control of the holding group to his three sons in coming weeks.

In a statement, CIR said Rodolfo De Benedetti would become executive chairman of the group.

CIR, which controls publisher Gruppo Editoriale L’Espresso and energy group Sorgenia, said Rodolfo De Benedetti will propose current L’Espresso Chief Executive Monica Mondardini to replace him as CEO of the holding.

De Benedetti, one of Italy’s leading businessmen, is best known for having transformed typewriter maker Olivetti into a computer-maker from 1978.

The move is the final step in completion of the succession process after Carlo De Benedetti stepped down from his executive positions at the start of 2009.

In the first nine months CIR posted a net loss of 10 million euros compared to a net profit of 15 million euros in the same period last year, it said.

The loss was mainly due to the weak performance of unlisted Sorgenia which posted a net loss of around 77 million euros in the period because of slowing power demand and higher gas costs.

Reporting By Stephen Jewkes

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