Luxottica co-CEO leaving company after 15 months

Adil Khan, co-CEO of Luxottica, is leaving the Italian eyewear company 15 months after he was appointed to the job,

the

Wall Street Journal

reported.

Massimo Vian, who had shared co-CEO duties with Khan, will now be the sole CEO, the


Journal


article said. Founder Leonardo Del Vecchio, 80, will serve as executive chairman and will temporarily take on Khan’s duties, the article said.

“The company said the move stems from Mr. Del Vecchio wanting more direct control over the markets division, which entails strategies in emerging markets, digital development and e-commerce,” the


Journal


report said.

Longtime CEO Andrea Guerra resigned in 2014 after clashing with Del Vecchio, who then took on an executive role. “The decision sparked a near-revolt of his board and drove out another trusted lieutenant. It also pushed the stock price down,” the


Journal


article said. Del Vecchio instituted the co-CEO structure “to calm the furor,” the article said.

At that time, investors were concerned that “Mr. Del Vecchio’s family and the company’s succession issues could undermine the independence of the management,” the


Journal


article said.

Luxottica says those concerns are no longer valid, “as Mr. Del Vecchio has equally distributed stakes of the holding company controlling the eyewear firm to his sons, who have no seats [on] the board or roles in the company,” the article said.  (Source:


Wall Street Journal


, Jan. 29, 2016.)