2016 Cannes Flm Festival amfar gala Lapo Elkann

Italia Independent Group has tapped Giovanni Carlino as its new chief executive officer.

Carlino will be responsible for the reorganization and the reboot of the group cofounded by Lapo Elkann, who last September announced the launch of a capital increase of 15 million euros, or $17 million at current exchange. In the six months ended June 30, Italia Independent reported a net loss of 2.6 million euros, or $2.9 million, compared with 727,000 euros, or $850,590, in the same period in 2015.

Carlino, who matured a 30-year experience as financial adviser and industrial partner of private equity funds, as well as covering the role of chief financial officer at Gruppo Merloni Elettrodomestici from 2003 to 2005, will succeed Andrea Tessitore.

Cofounder of the group, Tessitore will be appointed vice president of Italia Independent Group. In his new role, he will coordinate the company’s business development activities in various areas, with the exception of the core eyewear category.

“I’m very satisfied with the appointment of Giovanni Carlino who will use his experience and managerial skills to relaunch Italia Independent,” said Elkann. “I’m also very happy that Andrea Tessitore, who co-founded Italia Independent with me, will be able to focus on the search of new opportunities for the group also through new partners who might accompany us in our journey.”

Confirming his loyalty to the Turin-based manager, Elkann also named Tessitore chief executive officer of his Laps to Go Holding, which controls his automotive customization firm Garage Italia Customs.

According to a statement released by the company, Carlino will have the chance to directly invest in the Italia Independent Group by acquiring a maximum of 600,000 shares held by Elkann.