LUXOTTICA’S CEO LEAVES COMPANY AHEAD OF ESSILOR MERGER
Italian eyewear manufacturer Luxottica Group S.p.A. has terminated the employment of its chief executive officer for product and operations, Massimo Vian, strengthening the powers of founder and chairman Leonardo Del Vecchio ahead of a merger with France’s Essilor.
Ray-Ban maker Luxottica said Vian would leave the company three months before the end of his term. Vian’s responsibilities will be handed over to both Del Vecchio and deputy chairman Francesco Milleri, a close aide of Del Vecchio, who would also take on the position of CEO.
Vian will be paid a gross total amount of 6.3 million euros on top of severance pay.
Luxottica, which has been going through a string of changes at the top since Del Vecchio took back the reins of the group in 2014, said the decision was part of a reorganization and simplification process as it prepares for the 46 billion euro tie-up with lens maker Essilor.
“We have almost completed the Group’s reorganization and simplification process, which was started more than three years ago,” said Del Vecchio. “We have gone through a number of intermediate steps to give the organization the time to absorb and optimize the numerous business and production innovations. Today’s decision aims at making Luxottica even faster and more proactive, with the Group’s leadership focused on strategies and an articulated geographical organization that is closer to the needs of all our customers. We are preparing for major opportunities ahead and approaching with the best set-up a new chapter in our history with our French partners at Essilor.”
“I thank Luxottica and its chairman Leonardo Del Vecchio for this journey which lasted thirteen years,” added Vian. “It has been a real privilege to grow internally within the Group, working side by side with great men and women, and year after year to achieve extraordinary results. I leave the office close to the expiration of my term, aware of my contribution, and wish that the new chapter of the great history of Luxottica will continue to be rich and full of successes.”
