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Luxottica board to discuss possible CEO's exit on Sept 1
August 25, 2014 / 5:30 PM / 3 years ago

Luxottica board to discuss possible CEO's exit on Sept 1

MILAN, Aug 25 (Reuters) - The board of Italy’s Luxottica will discuss on Sept. 1 the future of Chief Executive Andrea Guerra, who is expected to leave the world’s biggest luxury eyewear maker following disagreement with owner Leonardo Del Vecchio.

The group said in a statement on Monday the board would discuss management structure and Guerra’s position. The meeting will be followed by a conference call for analysts and investors, Luxottica said.

Three sources close to the matter told Reuters last week that Guerra, one of Italy’s most-respected executives, was set to leave after clashing with Luxottica’s founder and Chairman Del Vecchio.

The company confirmed last week the two had been sparring over strategy for some time.

Shares in Luxottica have lost 3 percent since press rumours of Guerra’s exit first emerged on Aug. 20, against a 3.7 percent rise in Italy’s blue-chip stock index over the same period.

A source with direct knowledge of the matter said last week that General Manager and Chief Financial Officer Enrico Cavatorta would take the helm of the company flanked by Del Vecchio, whose executive powers would be strengthened.

The company was also looking to hire an external executive for its top management team, the source said.

Del Vecchio, 79 and one of Italy’s wealthiest men, has been chairman of Luxottica since he founded it in 1961 and owns 66.5 percent of the group. (Reporting by Valentina Za; Editing by Lisa Jucca)

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