Wednesday, September 3, 2014

Guerra Gone from Luxottica/Almost Signs Deal with Essilor

"Italian eyewear company Luxottica Group S.p.A (LUX: Quote) said Monday that Andrea Guerra has stepped down as chief executive officer of the company after serving for almost ten years at the helm," according to RTT News. "According to media reports, Guerra has stepped down following differences with the company's founder and chairman, Leonardo Del Vecchio. Luxottica, the owner of the popular Ray-Ban and Oakley sunglass brands, said it has now introduced a new management structure based on a co-CEO model that will allow it to 'take advantage of opportunities in a competitive global market of growing complexity and changing competitive dynamics.' The new structure will see the founder take on a more active role at the company." Read more.

A Reuters post said the company had "looked at a possible deal with French rival Essilor but decided not to pursue it and is no longer considering it, Luxottica's new co-chief executive said on Monday. 'A deal with Essilor was explored, about a year and a half ago, but it was concluded that there were not the right conditions to go ahead,' Enrico Cavatorta told an analyst call. ...Cavatorta took over as new co-CEO of the world's largest eyewear maker by revenue on Monday, as long-standing CEO Andrea Guerra stepped down after falling out with Luxottica's key shareholder and Chairman Leonardo Del Vecchio." Read more.

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