EssilorLuxottica Announces Organizational Changes

The Board of Directors of EssilorLuxottica on December 17, 2020 decided to adjust EssilorLuxottica’s governance in full respect of the equal powers principle of the business combination agreement, in order to accommodate its Executive Vice-Chairman’s desire to retire.

Mr. Sagnières leaves all his executive responsibilities at EssilorLuxottica and its subsidiaries and will remain as non-executive Vice-Chairman of the Company.

In order to preserve the equal powers principle of the business combination agreement currently in place, Leonardo Del Vecchio decided to voluntarily step back from his executive responsibilities at EssilorLuxottica and will remain non-executive Chairman of the Company.

The Board granted executive powers to Francesco Milleri and Paul du Saillant, who are appointed as Chief Executive Officer (CEO) and Deputy Chief Executive Officer (Deputy CEO) of EssilorLuxottica, respectively, until the appointment of the new Board of Directors by the 2021 annual general meeting of shareholders. Mr. du Saillant becomes Chairman and CEO of Essilor International.

The Board of Directors also decided to pay an interim dividend for the 2020 financial year of Euro 1.15 per share on December 28, 2020 (ex-date: December 23, 2020). This decision was supported by the efficacy of the measures taken to rein in costs and preserve cash and by the sound business recovery in the second half of the year.

“I want to thank Hubert for his success in turning Essilor into a world leader and helping to build EssilorLuxottica as the strong company it is today. The contributions he made during his career with the company are long-lasting”, commented Leonardo Del Vecchio.

“The incredible progress made over the last two years, and most recently under the impetus of Francesco and Paul, give me confidence that this is the right time for me to step back and transfer my executive powers to them, to facilitate a smoother governance transition. I know that this adjusted governance will further accelerate the integration of the Company and the delivery of synergies, benefitting all stakeholders, through the continued deployment of our Mission”, added Hubert Sagnières.

Click HERE for the full press release.

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