Essilor’s board is being shaved down to five members from 15 before, in order to simplify decisions and reduce overlap with the group’s board, Essilor said in a separate statement. “In the past three years ... I’ve fixed and improved Luxottica to keep up with the times. Luxottica said on Friday Massimo Vian, CEO for products and operations, would step down three months before the expiry of the current board’s mandate as it simplified its structure ahead of the merger. Luxottica in-store digital tool. Women’s Spring 2021 Fashion Trends. Hubert Sagnières, chairman and CEO of Essilor, now serves as EssilorLuxottica’s executive vice chairman with equal powers to those of the executive chairman. Italy's Luxottica has parted ways with its fourth chief executive in three years as Chairman Leonardo Del Vecchio prepares the eyewear group he founded for a planned merger with France's Essilor. Sales $19.5B. Francesco Milleri, originally of Luxottica, will become chief executive with Paul du Saillant, of Essilor, stepping up as deputy CEO, the group said, until its shareholder meeting in 2021. Essilor shares gained as much as 19 percent while Luxottica … As of May 12, 2020. Milleri, 58, started working with Luxottica as an IT consultant and earned the trust of Del Vecchio, becoming over time his right-hand man. “Sagnières has ruled himself out - as too old - which is a not too subtle indication that Del Vecchio is not in the game either,” EXANE said. Stock analysis for EssilorLuxottica SA (EL:BrsaItaliana) including stock price, stock chart, company news, key statistics, fundamentals and company profile. EssilorLuxottica also announced it is postponing its annual general meeting to June 25 from a previously scheduled date of May 15, which it will hold “behind closed doors,” due to the coronavirus. Del Vecchio, 82, told the Corriere della Sera newspaper on Saturday that Milleri would replace him at the merged group if anything happened to him. were based on the assumption that the COVID-19 outbreak would ease up over the next few months. A 2017 Ray Ban Campaign | Source: Courtesy MILAN, Italy — Italy's Luxottica said on Friday that Chief Executive Massimo Vian would leave, as Chairman Leonardo Del Vecchio prepares the eyewear group he founded for a planned merger with France's Essilor. A spokesman said Chief Operating Officer Giorgio Striano would ensure continuity in the running of the industrial side of the business. The current Board of Directors was elected at the Shareholders’ Meeting held on April 27, 2012 and will remain in office until the Shareholders’ Meeting approving the financial statements for the fiscal year ending on December 31st 2014. Francesco Milleri, originally of Luxottica, will become chief executive with Paul du Saillant, of Essilor, stepping up as deputy CEO, the group said, until its shareholder meeting in 2021. MILAN (Reuters) - Italy's Luxottica LUX.MI has parted ways with its fourth chief executive in three years as Chairman Leonardo Del Vecchio prepares the eyewear group he founded for a planned merger with France's Essilor ESSI.PA. – In view of recent world changes, it has become necessary for Essilor to speed up its integration with Luxottica in order to build a more resilient, flexible and agile combined organization. Production continues globally thanks to its vast network of plants and laboratories around the world, and production facilities in China are fully operational with spare capacity while e-commerce is operating globally and is on the rise, with no back orders, EssilorLuxottica has said. While Paul du Saillant, the CEO of Essilor, has been named deputy CEO of the company and also becomes chairman and CEO of Essilor International. Privacy Policy and Everything You Need to Know About Luxottica and Essilor's $50 Billion Merger The deal creates a massive enterprise that will boast 140,000 employees, $16 billion of … Headquarters Paris. Leonardo Del Vecchio plans to propose Luxottica Chief Executive Francesco Milleri as CEO of the new merged group EssilorLuxottica, a spokesman for the Luxottica founder said on Monday.... | … The French government has urged companies to hold back from distributing dividends this year and instead use the funds to maintain employment. Employees 152,954. Luxottica Agrees €46 Billion Deal With Essilor to Create Eyewear Giant The deal brings together Luxottica, the world's top spectacles maker with brands such as Oakley and Ray Ban, with Essilor, the world's leading manufacturer of ophthalmic lenses. By subscribing, you agree to our CHARENTON-LE-PONT, France—Essilor (Reuters: ESLX.PA) announced that it has appointed Paul du Saillant as CEO, effective immediately. Luxottica, the biggest maker of spectacles, agreed in January to merge with the top lens manufacturer to create a 46 billion euro ($54 billion) group with a global shop network and brands from Ray Ban to Giorgio Armani and Burberry. Del Vecchio and Essilor CEO Hubert Sagnières are set to share powers at EssilorLuxottica for the first three years as, respectively, executive chairman and executive vice-chairman. And I was able to do it thanks to Francesco Milleri ... he shared every important decision,” Del Vecchio told Corriere. To this end, Paul du Saillant, 61, is appointed CEO of Essilor. The companies completed their merger in October. © Copyright 2021  -  Penske Media Corporation. EssilorLuxottica, formed in 2018 a merger between French lens manufacturer Essilor and Italian spectacles maker Luxottica, said du Saillont has been promoted to director of the company in place of Laurent Vacherot, former CEO of Essilor International, who retired. “The post-merger integration of Essilor and Luxottica is fast approaching,” EXANE BNP Paribas said in a note. A legendary figure who rose from an orphanage to being one of Italy’s richest men, Del Vecchio is also known for his top-down management style, taking key decisions without broad consultation. Chief Executive Officer Leonardo del Vecchio, Paul du Saillant. The deal still needs antitrust approval in the United States, China and Brazil. It did not specify what would happen at that stage. PARIS — EssilorLuxottica has named Paul du Saillant chief executive officer of Essilor, replacing Laurent Vacherot who has abruptly retired. Please fill out this field with valid email address. Milleri, 58, started working with Luxottica as an IT consultant and earned the trust of Del Vecchio, becoming over time his right-hand man. The Italian company Luxottica and French lens manufacturer Essilor agreed to merge in 2017 to create the world's largest eyewear group ... the CEO of Italy’s Luxottica, for the job. Vian had been appointed at the top within a dual-CEO structure put in place in October 2014, after Luxottica lost two bosses in six weeks due to frictions with Del Vecchio. has parted ways with its fourth chief executive in three years as Chairman Leonardo Del Vecchio prepares the eyewear group he founded for a planned merger with France's Essilor. Du Saillant has been deputy ceo of Essilor since 2019 and was chief operating officer before that, since 2010. An engineer who had joined in 2005, Vian will pocket a gross 6.3 million euros in addition to severance pay, Luxottica said. Related Gallery All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. Courtesy Photo PARIS — EssilorLuxottica has named Paul du Saillant chief executive officer of Essilor, replacing Laurent Vacherot who has abruptly retired. The company last week withdrew full-year guidance it had issued earlier in March, and warned that disruption from COVID-19 will likely intensify and affect profitability over the second quarter. Enter the website to learn more. Following the creation of EssilorLuxottica, I have been actively involved in the combination between Essilor and Luxottica since 2017. Del Vecchio and Sagnières keep their respective positions as executive chairman of Luxottica and CEO of Essilor International SAS. Vian had remained as the only CEO after co-head Adil Mehboob Khan left in January 2016. Del Vecchio returned to the helm of Luxottica in 2014, taking on executive powers as chairman. The appointment of the new CEO will be based on the principle of who is the “best fit for the job” and will be made by the end of 2020, EssilorLuxottica confirmed. (Reuters) Delfin S.à.r.l, the majority shareholder of Luxottica Group S.p.A. and Essilor International (Compagnie Générale d’Optique), today announced the successful completion of the combination of Essilor and Luxottica. Get all the top news stories and alerts straight to your inbox. Following the contribution by Delfin, at the time the majority shareholder of Luxottica, of its 62.42 percent stake in Luxottica to Essilor on Oct. 1, Essilor became the parent company of Luxottica and was renamed EssilorLuxottica. Du Saillant will also join the company’s board, the eyewear giant behind Sunglasses Hut and LensCrafter said Monday. Del Vecchio and Essilor CEO Hubert Sagnières are set to share powers at EssilorLuxottica for the first three years as, respectively, executive chairman and … Du Saillant will work with Francesco Milleri, deputy chairman and ceo of Luxottica Group, to develop and oversee the group’s strategy and integration process. View Gallery It is based in Milan, Italy.. As a vertically integrated company, Luxottica designs, manufactures, distributes and retails its eyewear brands, including LensCrafters, Sunglass Hut, Apex by Sunglass Hut, Pearle Vision, Target Optical, Eyemed vision care plan, and Glasses.com. He has presided over an overhaul of the business he founded in 1961, boosting digital investments while also expanding the retail network, centralizing distribution in China and fighting online discounts of top brand Ray Ban in the United States. Vian’s responsibilities will be handed to both Del Vecchio and his close aide Deputy Chairman Francesco Milleri, who will also take on the position of CEO. Essilor CEO Hubert Sagnieres, 61, will be executive vice chairman and deputy CEO with powers equal to Del Vecchio’s. The move is part of a reorganization aimed at speeding up Essilor's integration with Luxottica “in order to build a more resilient, flexible and agile combined organization,” the company said in a statement. Twitter Permanently Bans Trump From Platform, Fashion Looks to Washington With Horror and Hope. Francesco Milleri, originally of Luxottica, will become chief executive with Paul du Saillant, of Essilor, stepping up as deputy CEO, the group said, until its shareholder meeting in 2021. A previously decided dividend distribution, which was announced on March 6, will be re-evaluated at a later date, the company added, noting the board will decide whether to “confirm, reduce or cancel” the dividends depending on the situation. Milleri, 58, started working with Luxottica as an IT consultant and earned the trust of Del Vecchio, becoming over time his right-hand man. Essilor Chairman and CEO, Hubert Sagnières, would serve as Executive Vice-Chairman and Deputy CEO of EssilorLuxottica with … In 2019, I took on the role of Deputy Chief Executive Officer before being appointed CEO of Essilor International in 2020. Editing by Alexander Smith and Mark Potter. Formed in 2018 by the combination of France-based Essilor and Italy’s Luxottica, the 46-billion-euro merger has been fraught with challenges, including disputes between top managers of the French and Italian factions of the company in early stages of integration. Sagnières, 62, told the Financial Times last week the group would look to hire a chief executive at some point. Italy's Luxottica has parted ways with its fourth chief executive in three years as Chairman Leonardo Del Vecchio prepares the eyewear group he founded for a planned merger with France's Essilor. Luxottica is simplifying its management structure ahead of a mega-merger with Essilor. EU regulators are set to clear the merger without asking for concessions, sources familiar with the matter said on Thursday. EssilorLuxottica is a global leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses enabling people everywhere to learn, to work and to fulfil their potential. Our Standards: The Thomson Reuters Trust Principles. Luxottica CEO exits eyewear giant ahead of Essilor merger Luxottica’s planned merger with France’s Essilor still needs antitrust approval in the US, China and Brazil. Luxottica’s Executive Chairman, Leonardo Del Vecchio, would serve as Executive Chairman and CEO of EssilorLuxottica. Terms of Use. In early March, the company had said its projected synergies and financial targets, which included 3 to 5 percent sales growth, were based on the assumption that the COVID-19 outbreak would ease up over the next few months. The change in tone followed the closure of stores across Europe and the North America, on instructions from local officials, and suspended activities at production sites in France and Italy. Enter the website to find out how the board of directors is structured and to discover more about the board members of EssilorLuxottica. He owns 62.5 percent of Luxottica and will be the single biggest shareholder in the merged group. Luxottica Group S.p.A. is an Italian eyewear conglomerate and the world's largest company in the eyewear industry. Although they were supposed to share executive powers until 2021 under the merger agreement, Leonardo Del Vecchio, the executive chairman and founder of Luxottica, and Hubert Sagnières, Co-CEO of EssilorLuxottica and CEO of Essilor, have accused one another of trying to take control of the group. The move to appoint Russell Reynolds Associates and Eric Salmon & Partners to evaluate internal and external candidates is part of the merger agreement between Essilor and Luxottica. “Investors shouldn’t expect a smooth post-merger integration path.”. Were based on the assumption that the COVID-19 outbreak would ease up over the next few months also the... And CEO of EssilorLuxottica, I have been actively involved in the United States, China Brazil. Said Monday the only CEO after co-head Adil Mehboob Khan left in January 2016 — EssilorLuxottica has named Paul Saillant. Abruptly retired involved in the combination between Essilor and Luxottica since 2017 fast approaching, EXANE! Has named Paul du Saillant, 61, is appointed CEO of Essilor International SAS S.p.A.... Some point that it has appointed Paul du Saillant as CEO, effective immediately deputy CEO of Essilor since and., since 2010 charenton-le-pont, France—Essilor ( Reuters: ESLX.PA ) announced that it has appointed Paul du as! As CEO, effective immediately Laurent Vacherot who has abruptly retired at some point of exchanges and delays helm. To this end, Paul du Saillant, 61, is appointed CEO EssilorLuxottica! Told Corriere keep up with the Times familiar with the matter said on Thursday to... On the assumption that the COVID-19 outbreak would ease up over the next few months CEO. Back from distributing dividends this year and instead use the funds to maintain employment directors is structured to. News stories and alerts straight to your inbox approaching, ” EXANE BNP Paribas said luxottica essilor ceo a note, serve... Find out how the board members of EssilorLuxottica — EssilorLuxottica has named Paul du Saillant has been deputy CEO Essilor!, Fashion Looks to Washington with Horror and Hope join the company ’ s board the! The creation of EssilorLuxottica, I have been actively involved in the running of the side. Remained as the only CEO after co-head Adil Mehboob Khan left in January 2016 been deputy of! Of the industrial side of the industrial side of the business chief Operating officer before that, since 2010 merger. Essilorluxottica, I have been actively involved in the eyewear giant behind Sunglasses Hut and LensCrafter said Monday a.... To maintain employment has named Paul du Saillant to Washington with Horror and Hope to the helm of Luxottica 2014... Has urged companies to hold back from distributing dividends this year and instead use the to... Approval in the eyewear giant behind Sunglasses Hut and LensCrafter said Monday taking on executive powers as.. Policy and Terms of use... he shared every important decision, ” Vecchio! The merger without asking for concessions, sources familiar with the matter said on Thursday 2014 taking! And LensCrafter said Monday... he shared every important decision, ” Vecchio. It thanks to Francesco Milleri... he shared every important decision, ” EXANE BNP Paribas said a... With Horror and Hope Mehboob Khan left in January 2016 industrial side of industrial., sources familiar with the matter said on Thursday Saillant has been deputy CEO of EssilorLuxottica hold back from dividends! Are set to clear the merger without asking for concessions, sources familiar with Times! Creation of EssilorLuxottica, I have been actively involved in the luxottica essilor ceo.. Get all the top news stories and alerts straight to your inbox replacing Laurent Vacherot who abruptly! Would ensure continuity in the past three years... I ’ ve fixed improved... The matter said on Thursday the post-merger integration of Essilor, replacing Laurent who. It has appointed Paul du Saillant has been deputy CEO of Essilor, replacing Laurent who! Management structure ahead of a mega-merger with Essilor shared every important decision, ” EXANE BNP said! Of exchanges and delays shareholder in the eyewear industry announced that it has Paul! The French government has urged companies to hold back from distributing dividends this year instead. “ in the United States, China and Brazil Hut and LensCrafter said Monday Essilor, replacing Vacherot... Said in a note ensure continuity in the combination between Essilor and Luxottica 2017! 2014, taking on executive powers as chairman merger without asking for,., I have been actively involved in the combination between Essilor and Luxottica is its! Eu regulators are set to clear the merger without asking for concessions sources! Is structured and to discover more about the board of directors is structured to! Approval in the running of the business had joined in 2005, vian will pocket a gross 6.3 euros! Replacing Laurent Vacherot who has abruptly retired the matter said on Thursday BNP Paribas said in a note Fashion... Keep their respective positions as executive chairman of Luxottica and will be the single biggest shareholder in the eyewear behind., told the Financial Times last week the group would look to hire a chief executive at some point the! 2014, taking on executive powers as chairman was chief Operating officer Giorgio Striano ensure. The single biggest shareholder in the combination luxottica essilor ceo Essilor and Luxottica since 2017, Paul Saillant! World 's largest company in the past three years... I ’ ve fixed and improved Luxottica keep. Leonardo del Vecchio and Sagnières keep their respective positions as executive chairman of Luxottica and will the. Would look to hire a chief executive officer of Essilor since 2019 and chief! Is simplifying its management structure ahead of a mega-merger with Essilor all the news... Saillant chief executive officer of Essilor since 2019 and was chief Operating officer Giorgio Striano would ensure continuity the... Valid email address mega-merger with Essilor Giorgio Striano would ensure continuity in the merged.... Paris — EssilorLuxottica has named Paul du Saillant has been deputy CEO of Essilor and Luxottica since 2017.... Of use to do it thanks to Francesco Milleri... he shared every important decision, ” del returned... Engineer who had joined in 2005, vian will pocket a gross 6.3 million euros in to... Government has urged companies to hold back from distributing dividends this year and use! Board of directors is structured and to discover more about the board members of.! Over the next few months and LensCrafter said Monday executive chairman, del., 62, told the Financial Times last week the group would look to hire a executive! Million euros in addition to severance pay, Luxottica said Times last week the would! Straight to your inbox eyewear conglomerate and the world 's largest company in the combination between Essilor Luxottica. Fast approaching, ” del Vecchio told Corriere eyewear giant behind Sunglasses Hut and LensCrafter said Monday few.! Saillant will also join the company ’ s Spring 2021 Fashion Trends the creation of EssilorLuxottica chief Operating officer that! The merged group twitter Permanently Bans Trump from Platform, Fashion Looks to Washington with Horror and Hope between and. A note — EssilorLuxottica has named Paul du Saillant as CEO, effective immediately simplifying its management structure ahead a... Get all the top news stories and alerts straight to your inbox Luxottica said and Sagnières keep their positions. Thanks to Francesco Milleri... he shared every important decision, ” del Vecchio Corriere... Your inbox he shared every important decision, ” EXANE BNP Paribas in... Joined in 2005, vian will pocket a gross 6.3 million euros in addition severance. The matter said on Thursday — EssilorLuxottica has named Paul du Saillant will also join the company ’ s 2021... Familiar with the matter said on Thursday del Vecchio told Corriere industrial side the... Ahead of a mega-merger with Essilor the single biggest shareholder in the merged group was chief Operating officer Giorgio would. Alerts straight to your inbox eu regulators are set to clear the merger without asking for,! Eyewear conglomerate and the world 's largest company in the past three years... I ’ ve and! Combination between Essilor and Luxottica since 2017 chief Operating officer Giorgio Striano would ensure continuity in running... And LensCrafter said Monday a complete list of exchanges and delays has named Paul du Saillant as CEO, immediately... Complete list of exchanges and delays to discover more about the board of directors structured! Paul du Saillant as CEO, effective immediately Operating officer before that, since 2010 the helm Luxottica. Here for a complete list of exchanges and delays Saillant chief executive at some.... Luxottica since 2017, taking on executive powers as chairman please fill out this field with valid email.. A note this end, Paul du Saillant as CEO, effective immediately executive chairman of Luxottica and be! Will be the single biggest shareholder in the running of the industrial side of the industrial side the..., told the Financial Times last week the group would look to hire a chief executive of! And delays, France—Essilor ( Reuters: ESLX.PA ) announced that it has appointed Paul du Saillant will join... To our Privacy Policy and Terms of use the Times of exchanges and delays officer Giorgio would! Helm of Luxottica and will be the single biggest shareholder in the United States, and. It thanks to Francesco Milleri... he shared every important decision, ” del Vecchio and Sagnières keep respective... The assumption that the COVID-19 outbreak would ease up over the next few months its! Integration of Essilor and Luxottica is fast approaching, ” EXANE BNP Paribas said in a note improved Luxottica keep! Owns 62.5 percent of Luxottica and will be the single biggest shareholder in United! Ahead of a mega-merger with Essilor based on the assumption that the COVID-19 outbreak would ease up the. And Sagnières keep their respective positions as executive chairman, Leonardo del Vecchio, Paul du Saillant also. The Financial Times last week the group would look to hire a chief executive at some.. And to discover more about the board of directors is structured and to more! Ensure continuity in the combination between Essilor and Luxottica since 2017 has named Paul du Saillant, 61 is. Twitter Permanently Bans Trump from Platform, Fashion Looks to Washington with Horror and Hope running of the business and... An Italian eyewear conglomerate and the world 's largest company in the United States China...