DIESEL CEO MARCO AGNOLIN STEPS DOWN

Marco Agnolin has stepped down as chief executive of Diesel, with his last day slated for March 28. Diesel said he would continue to serve on the board in order to guarantee the completion of planned activities. A successor for Agnolin has not yet been named.

Agnolin joined Diesel in December 2017 after serving 16 years at Inditex where he worked as general manager for Bershka. Agnolin’s arrival at Diesel in 2017 came amid a full reorganization of the Italian retailer, which takes 60 percent of the total revenue of parent company OTB.

Meanwhile, Diesel has undergone a number of changes to its leadership team in recent years. In October, Johnny Hewlett left his role as chief executive for Europe after working at the retailer for 10 years, while creative director Nicola Formichetti left at the end of 2017 after five years at the brand.

Further, the brand’s U.S. operation filed for bankruptcy earlier this month, blaming mounting losses, a sales plunge, expensive leases, and cyber fraud. In a court filing, chief restructuring officer Mark Samson said Diesel USA has no plans to close, but intends to exit some of its 28 stores, where landlords’ refusal to offer lease concessions has led to heavy losses.