The appointment of the new CEO will be based on the principle of who is the “best fit for the job” and will be made by the end of 2020, EssilorLuxottica confirmed. Editing by Alexander Smith and Mark Potter. Del Vecchio returned to the helm of Luxottica in 2014, taking on executive powers as chairman. Women’s Spring 2021 Fashion Trends. Privacy Policy and Production continues globally thanks to its vast network of plants and laboratories around the world, and production facilities in China are fully operational with spare capacity while e-commerce is operating globally and is on the rise, with no back orders, EssilorLuxottica has said. As of May 12, 2020. The current Board of Directors was elected at the Shareholders’ Meeting held on April 27, 2012 and will remain in office until the Shareholders’ Meeting approving the financial statements for the fiscal year ending on December 31st 2014. Please fill out this field with valid email address. Our Standards: The Thomson Reuters Trust Principles. Milleri, 58, started working with Luxottica as an IT consultant and earned the trust of Del Vecchio, becoming over time his right-hand man. Hubert Sagnières, chairman and CEO of Essilor, now serves as EssilorLuxottica’s executive vice chairman with equal powers to those of the executive chairman. Following the creation of EssilorLuxottica, I have been actively involved in the combination between Essilor and Luxottica since 2017. Del Vecchio and Essilor CEO Hubert Sagnières are set to share powers at EssilorLuxottica for the first three years as, respectively, executive chairman and … Terms of Use. The French government has urged companies to hold back from distributing dividends this year and instead use the funds to maintain employment. Essilor CEO Hubert Sagnieres, 61, will be executive vice chairman and deputy CEO with powers equal to Del Vecchio’s. The Italian company Luxottica and French lens manufacturer Essilor agreed to merge in 2017 to create the world's largest eyewear group ... the CEO of Italy’s Luxottica, for the job. Get all the top news stories and alerts straight to your inbox. Courtesy Photo PARIS — EssilorLuxottica has named Paul du Saillant chief executive officer of Essilor, replacing Laurent Vacherot who has abruptly retired. EssilorLuxottica is a global leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses enabling people everywhere to learn, to work and to fulfil their potential. Italy's Luxottica has parted ways with its fourth chief executive in three years as Chairman Leonardo Del Vecchio prepares the eyewear group he founded for a planned merger with France's Essilor. EssilorLuxottica also announced it is postponing its annual general meeting to June 25 from a previously scheduled date of May 15, which it will hold “behind closed doors,” due to the coronavirus. Du Saillant will also join the company’s board, the eyewear giant behind Sunglasses Hut and LensCrafter said Monday. Du Saillant has been deputy ceo of Essilor since 2019 and was chief operating officer before that, since 2010. “Investors shouldn’t expect a smooth post-merger integration path.”. MILAN (Reuters) - Italy's Luxottica LUX.MI has parted ways with its fourth chief executive in three years as Chairman Leonardo Del Vecchio prepares the eyewear group he founded for a planned merger with France's Essilor ESSI.PA. And I was able to do it thanks to Francesco Milleri ... he shared every important decision,” Del Vecchio told Corriere. EU regulators are set to clear the merger without asking for concessions, sources familiar with the matter said on Thursday. Vian had been appointed at the top within a dual-CEO structure put in place in October 2014, after Luxottica lost two bosses in six weeks due to frictions with Del Vecchio. were based on the assumption that the COVID-19 outbreak would ease up over the next few months. Luxottica in-store digital tool. “The post-merger integration of Essilor and Luxottica is fast approaching,” EXANE BNP Paribas said in a note. He owns 62.5 percent of Luxottica and will be the single biggest shareholder in the merged group. Leonardo Del Vecchio plans to propose Luxottica Chief Executive Francesco Milleri as CEO of the new merged group EssilorLuxottica, a spokesman for the Luxottica founder said on Monday.... | … Sales $19.5B. A legendary figure who rose from an orphanage to being one of Italy’s richest men, Del Vecchio is also known for his top-down management style, taking key decisions without broad consultation. Following the contribution by Delfin, at the time the majority shareholder of Luxottica, of its 62.42 percent stake in Luxottica to Essilor on Oct. 1, Essilor became the parent company of Luxottica and was renamed EssilorLuxottica. Essilor Chairman and CEO, Hubert Sagnières, would serve as Executive Vice-Chairman and Deputy CEO of EssilorLuxottica with … The move to appoint Russell Reynolds Associates and Eric Salmon & Partners to evaluate internal and external candidates is part of the merger agreement between Essilor and Luxottica. Du Saillant will work with Francesco Milleri, deputy chairman and ceo of Luxottica Group, to develop and oversee the group’s strategy and integration process. Milleri, 58, started working with Luxottica as an IT consultant and earned the trust of Del Vecchio, becoming over time his right-hand man. Vian’s responsibilities will be handed to both Del Vecchio and his close aide Deputy Chairman Francesco Milleri, who will also take on the position of CEO. The deal still needs antitrust approval in the United States, China and Brazil. Luxottica Group S.p.A. is an Italian eyewear conglomerate and the world's largest company in the eyewear industry. The move is part of a reorganization aimed at speeding up Essilor's integration with Luxottica “in order to build a more resilient, flexible and agile combined organization,” the company said in a statement. While Paul du Saillant, the CEO of Essilor, has been named deputy CEO of the company and also becomes chairman and CEO of Essilor International. (Reuters) Employees 152,954. CHARENTON-LE-PONT, France—Essilor (Reuters: ESLX.PA) announced that it has appointed Paul du Saillant as CEO, effective immediately. The change in tone followed the closure of stores across Europe and the North America, on instructions from local officials, and suspended activities at production sites in France and Italy. Milleri, 58, started working with Luxottica as an IT consultant and earned the trust of Del Vecchio, becoming over time his right-hand man. By subscribing, you agree to our has parted ways with its fourth chief executive in three years as Chairman Leonardo Del Vecchio prepares the eyewear group he founded for a planned merger with France's Essilor. “Sagnières has ruled himself out - as too old - which is a not too subtle indication that Del Vecchio is not in the game either,” EXANE said. In early March, the company had said its projected synergies and financial targets, which included 3 to 5 percent sales growth, were based on the assumption that the COVID-19 outbreak would ease up over the next few months. “In the past three years ... I’ve fixed and improved Luxottica to keep up with the times. Del Vecchio, 82, told the Corriere della Sera newspaper on Saturday that Milleri would replace him at the merged group if anything happened to him. A previously decided dividend distribution, which was announced on March 6, will be re-evaluated at a later date, the company added, noting the board will decide whether to “confirm, reduce or cancel” the dividends depending on the situation. Although they were supposed to share executive powers until 2021 under the merger agreement, Leonardo Del Vecchio, the executive chairman and founder of Luxottica, and Hubert Sagnières, Co-CEO of EssilorLuxottica and CEO of Essilor, have accused one another of trying to take control of the group. Of EssilorLuxottica charenton-le-pont, France—Essilor ( Reuters: ESLX.PA ) announced that has! From Platform, Fashion Looks to Washington with Horror and Hope helm Luxottica! Urged companies to hold back from distributing dividends this year and instead use the funds maintain. To the helm of Luxottica and CEO of Essilor, replacing Laurent Vacherot who has abruptly retired in! And I was able to do it thanks to Francesco Milleri... shared... 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