Thursday, August 21, 2014

Trouble in Luxottica’s Eyewear Paradise: Andrea Guerra to Leave?

“Andrea Guerra, chief executive of Italy's Luxottica, is close to leaving the eyewear group after differences of opinion with founder and chairman Leonardo Del Vecchio, several newspapers said on Wednesday,” according to a Reuters post on Yahoo! Finance. “Luxottica, whose brands include Ray-Ban and Oakley, declined to comment. The company's shares were down 4.5 percent in morning trade. Guerra, who earlier this year was tipped to become a minister in Matteo Renzi's government, is credited with helping turn family controlled Luxottica into the world's largest eyewear maker by revenue. But according to a report in Corriere della Sera, relations between Guerra and patriarch Del Vecchio soured after Guerra's recent deal with Google to market its Internet-connected spectacles.” Read more.

CNBC reported: "Guerra took the helm of Luxottica in 2004 and has been credited with a massive turnaround of the company. Under Guerra's leadership, the company's share price has more than tripled. Several Italian newspapers reported that Guerra could leave at the end of the year when his contract expires, but the prospect of his departure has investors worried." Read more.

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