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Olivetti head resigns

The chairman of Italian computer maker Olivetti has resigned after investors took the company to task for its strategy and a large six-month loss.

The chairman of Italian computer maker Olivetti has resigned after investors took the company to task for its strategy and large six-month loss.

Chairman Carlo De Benedetti said in a statement Tuesday that his resignation is prompted by an earlier promise to step down from his post if the company didn't "achieve positive economic results," according to Associated Press.

De Benedetti joined the company in 1978 and was instrumental in moving the company into the PC market. However, the PC manufacturing division has weighted down the company's financial performance.

The company announced a loss of 440 billion lire during the first half this year, compared with slightly more than a 1 trillion lire loss a year ago. But much of last year's loss stemmed from a one-time restructuring charge.

De Benedetti will be replaced by Antonio Tesone, a company director.