Retailer Benetton announced today (13 November) that both its chief executive and financial director have quit their positions.

The report that chief executive Silvano Cassano and financial director Pier Francesco Facchini have resigned sent Benetton's stock down by more than 7%.

The company said Cassano had "carried out and completed the three-year rationalisation and reorganisation phase set out in his mandate" but would stay on as a member of the board of directors.

It added: "As planned, the new managing director, whose name will be communicated shortly, will have among his objectives the development of foreign markets, with particular attention to growth in Asia and other areas with a rapid demographic growth."

Facchini, meanwhile, left for personal reasons. "His functions have been assigned within the managerial structure," Benetton said.

"The company thanks Messrs Cassano and Facchini for their achievements and extends its very best wishes for their future careers," the firm added.

The departures follow last month's news that chairman Luciano Benetton will hand over the company's reigns to his son Alessandro next year.