The chief financial officer of Italian food giant Parmalat is reported to have resigned amid an ongoing financial crisis at the company.

Luciano Del Soldato, who took up the position of CFO of Parmalat last month, submitted his resignation this week and is also to leave the board, Reuters reported, citing financial sources.

Parmalat also appointed Enrico Bondi, an Italian turnaround expert, as a consultant to help the company restructure and pull itself out of its financial difficulties.

Earlier this week Parmalat said it had failed to recover a US$590m investment in an offshore fund, leading to concerns that the company may not be able to raise enough cash to pay off debts.

Meanwhile, Parmalat has hired Deutsche Bank to sell its US bakery business and carry out a strategic review of the group, Reuters reported, citing sources.

The US bakery business includes brands such as Mother's Cake and Archway cookies, and could raise around €350m (US$427.9m).