Major changes at Luxottica

Tuesday, September 2 2014 | 00 h 00 min | News

Rumours over the past few weeks that Andrea Guerra was leaving Luxottica have been confirmed: he has stepped down as the company’s CEO. Luxottica will be headed by two co-CEOs with complementary responsibilities.

Outgoing Guerra held the position of CEO for ten years. He will receive a $14.2 million exit package, in addition to almost $850,000 in exchange for waiving any claim or right towards Luxottica. He will also receive $1.1 million related to a con-competition agreement, lasting two years, which includes a clause prohibiting him from soliciting employees of Luxottica.

Enrico Cavatorta, Luxottica’s current chief financial officer and general manager, has been appointed interim CEO of Markets, while the company looks for a candidate to take over on a permanent basis.

Massimo Vian will head up Operations and, for now, will report to an executive committee lead by Luxottica founder Leonardo Del Vecchio, who has returned to a more active role at the age of 79.

“The evolution to a co-CEO leadership structure with distinct and complementary responsibilities will ensure stronger management of the Group, which has rapidly increased its size, complexity and global presence in recent years,” said the company in a press release.