Car designer Giorgetto Giugiaro has stepped down from his position at Italdesign Giugiaro, the legendary design firm in which he founded. The celebrated designer sold a 90.1 percent stake in his company to Audi about five years ago, and sold the remaining 9.9 percent to the Volkswagen Group-owned brand on Sunday, Automotive News reports.
News of the sale was revealed in an emailed statement from Giugiaro to media on Monday. The letter stated both Giorgetto and his son, Fabrizio, will leave the company and that the older Giugiaro had relinquished his position of honorary chairman.
The statement from Giugiaro said he is “leaving in order to dedicate more time to his personal interests.” This is said to not change the course of the company, however, which has been continuously growing and hiring new employees since the partial Audi takeover in 2010.
Giorgetto Giugiaro rose to fame for designing classics such as the first-generation Golf, the Fiat Panda, Maserati Bora and more. Some of his most notable works in modern times include the Lotus Esprit, Alfa Romeo Brera and Fiat Punto.