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. Editing by Alexander Smith and Mark Potter. 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. “In the past three years ... I’ve fixed and improved Luxottica to keep up with the times. 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. Related Gallery Luxottica is simplifying its management structure ahead of a mega-merger with Essilor. Essilor CEO Hubert Sagnieres, 61, will be executive vice chairman and deputy CEO with powers equal to Del Vecchio’s. Essilor Chairman and CEO, Hubert Sagnières, would serve as Executive Vice-Chairman and Deputy CEO of EssilorLuxottica with … 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. Terms of Use. 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. Sagnières, 62, told the Financial Times last week the group would look to hire a chief executive at some point. Du Saillant will also join the company’s board, the eyewear giant behind Sunglasses Hut and LensCrafter said Monday. 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. And I was able to do it thanks to Francesco Milleri ... he shared every important decision,” Del Vecchio told Corriere. 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 … Chief Executive Officer Leonardo del Vecchio, Paul du Saillant. Enter the website to find out how the board of directors is structured and to discover more about the board members of EssilorLuxottica. 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. 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. 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. Headquarters Paris. 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. It did not specify what would happen at that stage. Luxottica Group S.p.A. is an Italian eyewear conglomerate and the world's largest company in the eyewear industry. To this end, Paul du Saillant, 61, is appointed CEO of Essilor. Luxottica in-store digital tool. 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. He owns 62.5 percent of Luxottica and will be the single biggest shareholder in the merged group. Our Standards: The Thomson Reuters Trust Principles. “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. PARIS — EssilorLuxottica has named Paul du Saillant chief executive officer of Essilor, replacing Laurent Vacherot who has abruptly retired. 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. Luxottica’s Executive Chairman, Leonardo Del Vecchio, would serve as Executive Chairman and CEO of EssilorLuxottica. Women’s Spring 2021 Fashion Trends. Enter the website to learn more. Du Saillant has been deputy ceo of Essilor since 2019 and was chief operating officer before that, since 2010. Following the creation of EssilorLuxottica, I have been actively involved in the combination between Essilor and Luxottica since 2017. (Reuters) The companies completed their merger in October. See here for a complete list of exchanges and delays. By subscribing, you agree to our 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. 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. Twitter Permanently Bans Trump From Platform, Fashion Looks to Washington With Horror and Hope. A spokesman said Chief Operating Officer Giorgio Striano would ensure continuity in the running of the industrial side of the business. 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. 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. 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. Vian had remained as the only CEO after co-head Adil Mehboob Khan left in January 2016. 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. Sales $19.5B. 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. Hubert Sagnières, chairman and CEO of Essilor, now serves as EssilorLuxottica’s executive vice chairman with equal powers to those of the executive chairman. Milleri, 58, started working with Luxottica as an IT consultant and earned the trust of Del Vecchio, becoming over time his right-hand man. 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. 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. 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. Privacy Policy and 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. Get all the top news stories and alerts straight to your inbox. 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.... | … Milleri, 58, started working with Luxottica as an IT consultant and earned the trust of Del Vecchio, becoming over time his right-hand man. 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. View Gallery Milleri, 58, started working with Luxottica as an IT consultant and earned the trust of Del Vecchio, becoming over time his right-hand man. 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. © 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. 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. 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. 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. Del Vecchio returned to the helm of Luxottica in 2014, taking on executive powers as chairman. 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. Courtesy Photo PARIS — EssilorLuxottica has named Paul du Saillant chief executive officer of Essilor, replacing Laurent Vacherot who has abruptly retired. 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. In 2019, I took on the role of Deputy Chief Executive Officer before being appointed CEO of Essilor International in 2020. The French government has urged companies to hold back from distributing dividends this year and instead use the funds to maintain employment. Del Vecchio and Essilor CEO Hubert Sagnières are set to share powers at EssilorLuxottica for the first three years as, respectively, executive chairman and … 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. The deal still needs antitrust approval in the United States, China and Brazil. An engineer who had joined in 2005, Vian will pocket a gross 6.3 million euros in addition to severance pay, Luxottica said. Del Vecchio and Sagnières keep their respective positions as executive chairman of Luxottica and CEO of Essilor International SAS. Stock analysis for EssilorLuxottica SA (EL:BrsaItaliana) including stock price, stock chart, company news, key statistics, fundamentals and company profile. Please fill out this field with valid email address. “The post-merger integration of Essilor and Luxottica is fast approaching,” EXANE BNP Paribas said in a note. Essilor shares gained as much as 19 percent while Luxottica … “Investors shouldn’t expect a smooth post-merger integration path.”. As of May 12, 2020. 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. EU regulators are set to clear the merger without asking for concessions, sources familiar with the matter said on Thursday. were based on the assumption that the COVID-19 outbreak would ease up over the next few months. 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. 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. 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. – 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. All quotes delayed a minimum of 15 minutes. 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. 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