Italian supplier Sogefi reported a net loss for the first nine months of the year, hit by weakness in South America and costs for restructuring in Europe, and said CEO Guglielmo Fiocchi would leave the company.

Sogefi – one of the world’s leading makers of engine systems and suspension components – said in a statement that the 51-year-old CEO and the company had “by common consent considered Fiocchi’s management experience to have come to an end.”

It did not give a reason for his departure after two years as CEO at the company, which is owned by Italy’s De Benedetti family through its CIR holding.

The board has appointed Monica Mondardini as executive vice chairwoman and chief executive of CIR. Mondardinias will select a new CEO for the supplier, Sogefi said.

The group reported a net loss for the first nine months of the year of €5.8 million ($7.4 million) from a net profit of €23.8 million in the same period in 2013.

Revenue was stable at around €1 billion, it said.

The company said despite weakness in South America, growth continued in Asia. Markets were also growing in North America, although at a slower rate than in the recent past, it added.

“Operating profitability in the last quarter is forecast to be in line with that of the third quarter as it will be influenced by the same factors in South America and Europe,” the company added.

For the July-September period Sogefi reported an operating profit before restructuring costs and other items of €20.2 million, down 29 percent year-on-year, while earnings before interest and taxes was €14.7 million, down 35 percent.