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Roberto Colaninno, the CEO and chairman of vehicle manufacturer Piaggio, passed away at the age of 80. His death was announced by his investment firm, Immsi SpA, in a news release that provided no further details.

Colaninno started his business career as the CEO of Italian auto parts maker Fiaam and later went on to establish his own components manufacturer, Sogefi, in the early 1980s.

He gained international recognition in 1999 when his IT company, Olivetti, successfully took over Telecom Italia, Italy’s telecommunications monopoly. This leveraged buyout was valued at billion, making it the largest hostile company takeover at the time. It was seen as a significant moment in Italian and Western European capitalism, coinciding with the launch of the euro as a currency.

However, Colaninno was forced to leave Telecom Italia in 2001, leading to the sale of the company. In the following years, he acquired investment company Immsi SpA and Piaggio, the manufacturer of Vespa scooters. Under his leadership, Piaggio expanded its operations into countries such as Vietnam and India.

In recognition of his contributions, Colaninno was honored with the Leonardo Award in 2013. This prestigious accolade is bestowed upon individuals by the Italian government for their promotion of the country’s image on the international stage.

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