The Benetton fashion company says its CEO, Marco Airoldi, has resigned and that it has hired a new chief operating officer.

Airoldi took the post of CEO in 2014, launching a plan to refocus the brand on targeted markets and overseeing a redesign of the brand's stores. No successor was named.

The company on Wednesday also announced a new chief operating officer, Tommaso Bruso. Bruso started his career in Benetton, first in Italy and then in the U.S., and is currently CEO in North America for the Fedon, Furla and Diesel fashion brands.

The company famous for its colorful knitwear has struggled from competition from fast-fashion brands like Zara and H&M, delisting from the stock exchange in 2012 and bringing in a new team of executives from outside the family.