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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