Turmoil at the head of Luxottica

 

A few weeks after having announced major changes to its governance structure, Luxottica Group accepted the resignation of two executives.

Enrico Cavatorta, appointed only six weeks ago as CEO of corporate operations and interim co-CEO of markets confirmed his intention to resign from the company at a special meeting of the Board of Directors, due to disagreements on the new governance structure. Roger Abravanel, a member of the Board, also resigned for the same reasons.

The chairman of Luxottica, Leonardo Del Vecchio, will take on the executive responsibilities ad interim while the company searches for a new-CEO of markets. Once a replacement has been found, he or she will be appointed at the same time as Massimo Vian, who was recently named co-CEO of operations and product.

No doubt to mitigate the negative effect all these changes might have on the market, Luxottica announced somewhat in advance that it was satisfied with its third-quarter financial results. The company reported an increase in net income of about ten per cent. Official results will be released on October 29.

 

Source:

http://www.luxottica.com/en/luxottica-announces-chairman-leonardo-vecchio-takes-executive-responsibilities-ad-interim

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