Luxottica CEO Enrico Cavatorta Resigns - Quick Facts

(RTTNews) - Eyewear company Luxottica Group S.p.A. (LUX) Sunday announced the resignation of its CEO Enrico Cavatorta, following differences with its founder and Chairman Leonardo Del Vecchio.

Luxottica said its board has called for a meeting tomorrow and that Del Vecchio will propose that the board appoint Massimo Vian, current chief operations officer, with the mandate of co-CEO for Operations and Product, and to entrust him on an interim basis with responsibility for Corporate Functions and Markets. If approved, all business functions and related responsibilities will consequently be under the exclusive responsibility of the two co-CEOs.

The company also said that the search process for a co-CEO for Markets is progressing.

Cavatorta took over as CEO in September, replacing Andrea Guerra who too resigned owing to differences with Del Vecchio.

Also, the company announced that a reorganization of Delfin S.à.r.l., the majority shareholder of Luxottica, is being examined with the aim of improving its governance and further separating ownership from the management of its portfolio companies. The company said that the appointment of Leonardo Maria Del Vecchio to the board has never been considered and that current director Claudio Del Vecchio will not be reappointed following the natural expiration of his mandate, to give consistency and coherence to the positions of all members of the family.