MILAN — Giro d'Italia director Michele Acquarone has been suspended from his position during an investigation into the alleged misappropriation of at least $17.7 million at RCS Sport, which organizes the race.

Giro officials confirmed the suspension on Thursday after it was first reported by financial newspaper Milano Finanza.

Milano Finanza says Acquarone — who is also the CEO of RCS Sport — and former CEO Giacomo Catano have each been given "precautionary rather than disciplinary" suspensions during the inquiry.

The suspension means Acquarone likely will miss Monday's presentation of the 2014 Giro.

RCS Sport is also organizing the Tour of Lombardy single-day classic race Sunday.

Acquarone replaced Angelo Zomegnan as Giro director after the 2011 race.