Outside eyes can quell EssilorLuxottica board row, says LJucca:
The French and Italian directors of newly-merged 45 billion euro eyewear giant EssilorLuxottica are pushing for their own candidates for the role of chief executive, the Financial Times reported on March 12.
Executive Chairman Leonardo Del Vecchio, EssilorLuxottica’s biggest shareholder with a 32 percent stake, has openly supported Italy’s Luxottica Chief Executive Francesco Milleri for the top job. Milleri already sits on the EssilorLuxottica board. That plan is being resisted by France’s Essilor board representatives, the FT reported citing people close to the French company.
Paris-listed EssilorLuxottica reported a 1.7 percent fall in 2018 adjusted net profit on March 8, the first time it reported combined results after announcing the merger in January 2016. Under the terms of the deal, 83-year-old Del Vecchio, founder and executive chairman of Luxottica, and Essilor Chief Executive Hubert Sagnières, are sharing power. The group’s 16 board member is evenly split between representatives of Luxottica and Essilor.
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