Enrico Cavatorta, CEO of Luxottica Group SpA, will leave his post because of “a debate over the appointment of a person close to Luxottica's founding family to the board,”
Bloomberg reported.
Cavatorta is the second CEO in less than two months to leave the company, the report noted. In September Andrea Guerra, who had led the company for a decade, left his post and Cavatorta, who had been the finance chief, was named CEO as part of a three-member leadership team, the Bloomberg article said. Other members of the team were to include Leonardo Del Vecchio, the company chairman, and someone to be hired from outside the company, the report said.
Del Vecchio, 79, who owns 65% of the company, will become interim CEO until a dual co-CEO team takes over, the Bloomberg article said. The report also said that a Luxottica board member, Roger Abravanel, had stepped down.
Massimo Vian has been named co-CEO for operations and product, and the company is looking for a co-CEO of markets, the later Bloomberg article said.
Del Vecchio, who founded the company in 1961, has denied that he is considering his children for management roles, the report said. But analysts say the back-to-back resignations may hinder Luxottica's ability to attract managers from outside the company, the Bloomberg article said. (Source: Bloomberg, Oct. 13, 2014.)
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