“Luxottica Group SpA (LUX) slumped in Milan trading after losing its second chief executive officer in little more than a month, raising questions about the ability of the world’s largest eyewear company to attract top talent in the future,” reports Business Week. “The shares fell as much as 10 percent to 36.86 euros amid a flurry of analyst downgrades. The decline was the steepest on an intraday basis since Oct. 27, 2008. Citigroup Inc. cut its recommendation on the stock to neutral from buy. Enrico Cavatorta, who was appointed co-CEO last month following the departure of Andrea Guerra, plans to leave, Milan-based Luxottica said late yesterday.” Read more.
“The founder of the Luxottica luxury eyewear maker has taken over temporarily as CEO amid management turmoil that has tanked the company's stock,” according to an Associated Press report on Yahoo! News. “The company said chairman Leonardo Del Vecchio will handle executive duties until two co-CEOs, one for operations and product, the other for markets, can be appointed together.” Read more.