Giugiaro, 76, and his son Fabrizio quit as, respectively, honorary president and board member of Italdesign Giugiaro.
The move comes five years after Giugiaro sold a 90.1 percent stake in Italdesign Giugiaro SpA to Volkswagen Group’s Audi, retaining 9.9 percent for his family.
The news was announced by in an emailed statement Giorgetto Giugiaro also relinquished his position of honorary chairman, the statement added.
Italdesign Giugiaro issued an official statements reporting that Giugiaro will “dedicate more time to his personal interests” and that this “won’t influence” the development of the company, which is on a “growth path.”
The statement said that by year-end the company will have hired 250 additional employees since the 2010 takeover.
Since teaming up with Audi in 2010, Italdesign has increased its staff by 27% 209 workers, as reported by managing director Enzo Pacella.