The two partners who stepped up to lead Clessidra after founder Claudio Sposito's death in January are to leave the Milan-based private equity firm as its new owners install fresh leadership team, according to people familiar with the matter.

Francesco Trapani, the former chief executive of luxury goods retailer Bulgari Group, and Maurizio Bottinelli have stepped down as chairman and chief executive of Clessidra respectively, according to the people.