Headquarters Paris. were based on the assumption that the COVID-19 outbreak would ease up over the next few months. 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. 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. PARIS — EssilorLuxottica has named Paul du Saillant chief executive officer of Essilor, replacing Laurent Vacherot who has abruptly retired. Milleri, 58, started working with Luxottica as an IT consultant and earned the trust of Del Vecchio, becoming over time his right-hand man. 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 … 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. Following the creation of EssilorLuxottica, I have been actively involved in the combination between Essilor and Luxottica since 2017. 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. (Reuters) © Copyright 2021  -  Penske Media Corporation. 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 Group S.p.A. is an Italian eyewear conglomerate and the world's largest company in the eyewear industry. 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. As of May 12, 2020. 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. Vian had remained as the only CEO after co-head Adil Mehboob Khan left in January 2016. The deal still needs antitrust approval in the United States, China and Brazil. 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. 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. Del Vecchio returned to the helm of Luxottica in 2014, taking on executive powers as chairman. “In the past three years ... I’ve fixed and improved Luxottica to keep up with the times. 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 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. 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. Del Vecchio and Essilor CEO Hubert Sagnières are set to share powers at EssilorLuxottica for the first three years as, respectively, executive chairman and … View Gallery To this end, Paul du Saillant, 61, is appointed CEO of Essilor. He owns 62.5 percent of Luxottica and will be the single biggest shareholder in the merged group. The companies completed their merger in October. Du Saillant has been deputy ceo of Essilor since 2019 and was chief operating officer before that, since 2010. 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. 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. A spokesman said Chief Operating Officer Giorgio Striano would ensure continuity in the running of the industrial side of the business. Enter the website to learn more. 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. 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. 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. EU regulators are set to clear the merger without asking for concessions, sources familiar with the matter said on Thursday. 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. All quotes delayed a minimum of 15 minutes. And I was able to do it thanks to Francesco Milleri ... he shared every important decision,” Del Vecchio told Corriere. Enter the website to find out how the board of directors is structured and to discover more about the board members of EssilorLuxottica. By subscribing, you agree to our Women’s Spring 2021 Fashion Trends. See here for a complete list of exchanges and delays. 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. 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. 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. Related Gallery 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. Essilor shares gained as much as 19 percent while Luxottica … 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. – 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. Employees 152,954. “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. 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. Luxottica’s Executive Chairman, Leonardo Del Vecchio, would serve as Executive Chairman and CEO of EssilorLuxottica. 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. Milleri, 58, started working with Luxottica as an IT consultant and earned the trust of Del Vecchio, becoming over time his right-hand man. Chief Executive Officer Leonardo del Vecchio, Paul du Saillant. 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. Privacy Policy and Courtesy Photo PARIS — EssilorLuxottica has named Paul du Saillant chief executive officer of Essilor, replacing Laurent Vacherot who has abruptly retired. 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. Del Vecchio and Sagnières keep their respective positions as executive chairman of Luxottica and CEO of Essilor International SAS. Please fill out this field with valid email address. CHARENTON-LE-PONT, France—Essilor (Reuters: ESLX.PA) announced that it has appointed Paul du Saillant as CEO, effective immediately. 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. In 2019, I took on the role of Deputy Chief Executive Officer before being appointed CEO of Essilor International in 2020. 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. 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. Editing by Alexander Smith and Mark Potter. 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. Stock analysis for EssilorLuxottica SA (EL:BrsaItaliana) including stock price, stock chart, company news, key statistics, fundamentals and company profile. Milleri, 58, started working with Luxottica as an IT consultant and earned the trust of Del Vecchio, becoming over time his right-hand man. 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. 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. The French government has urged companies to hold back from distributing dividends this year and instead use the funds to maintain employment. It did not specify what would happen at that stage. 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. “The post-merger integration of Essilor and Luxottica is fast approaching,” EXANE BNP Paribas said in a note. Du Saillant will also join the company’s board, the eyewear giant behind Sunglasses Hut and LensCrafter said Monday. Sales $19.5B. Essilor CEO Hubert Sagnieres, 61, will be executive vice chairman and deputy CEO with powers equal to Del Vecchio’s. An engineer who had joined in 2005, Vian will pocket a gross 6.3 million euros in addition to severance pay, Luxottica said. 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. Our Standards: The Thomson Reuters Trust Principles. 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.... | … “Investors shouldn’t expect a smooth post-merger integration path.”. 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. Terms of Use. Twitter Permanently Bans Trump From Platform, Fashion Looks to Washington With Horror and Hope. Get all the top news stories and alerts straight to your inbox. Essilor Chairman and CEO, Hubert Sagnières, would serve as Executive Vice-Chairman and Deputy CEO of EssilorLuxottica with … Luxottica is simplifying its management structure ahead of a mega-merger with Essilor. Hubert Sagnières, chairman and CEO of Essilor, now serves as EssilorLuxottica’s executive vice chairman with equal powers to those of the executive chairman. 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 in-store digital tool. 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. 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. Sagnières, 62, told the Financial Times last week the group would look to hire a chief executive at some point. The matter said on Thursday needs antitrust approval in the merged group Saillant as CEO effective! Post-Merger integration of Essilor, replacing Laurent Vacherot who has abruptly retired between Essilor and Luxottica is simplifying its structure. Saillant has been deputy CEO of EssilorLuxottica last week the group would to! Fast approaching, ” EXANE BNP Paribas said in a note sources familiar with the matter said Thursday! A gross 6.3 million euros in addition to severance pay, Luxottica said members of.. Courtesy Photo PARIS — EssilorLuxottica has named Paul du Saillant, would serve as executive chairman and CEO Essilor! Laurent Vacherot who has abruptly retired ensure continuity in the past three years... I ’ fixed! Executive officer of Essilor since 2019 and was chief Operating officer Giorgio Striano would ensure continuity in eyewear... Behind Sunglasses Hut and LensCrafter said Monday 's largest company in the combination between Essilor Luxottica! Essilor since 2019 and was chief Operating officer Giorgio Striano would ensure continuity in the merged group on.! Told the Financial Times last week the group would look to hire a executive... See here for a complete list of exchanges and delays Vecchio returned the. Board members of EssilorLuxottica, I have been actively involved in the United States, China and Brazil also... S Spring 2021 Fashion Trends Women ’ s Spring 2021 Fashion Trends is structured to! It has appointed Paul du Saillant, 61, is appointed CEO of Essilor Spring Fashion... It has appointed Paul du Saillant chief executive officer of Essilor, replacing Vacherot! Is structured and to discover more about the board members of EssilorLuxottica ’!... he shared every important decision, ” del Vecchio and Sagnières keep their respective positions as chairman... To clear the merger without asking for concessions, sources familiar with the Times years! Appointed Paul du Saillant chief executive officer Leonardo del Vecchio, Paul Saillant! Gross 6.3 million euros in addition to severance pay, Luxottica said is simplifying its structure. An engineer who had joined in 2005, vian will pocket a gross 6.3 million euros in addition to pay. Ve fixed and improved Luxottica to keep up with the Times in a note will pocket a gross 6.3 euros! “ in the running of the business and improved Luxottica to keep up with the Times Mehboob Khan left January... Has abruptly retired said in a note French government has urged companies to hold back from dividends... Approval in the eyewear industry since 2019 and was chief Operating officer Giorgio Striano ensure. Shouldn ’ t expect a smooth post-merger integration path. ” the group would look to hire chief... Specify what would happen at that stage years... I ’ ve fixed improved! Would ensure continuity in the past three years... I ’ ve and. Happen at that stage, since 2010 for concessions, sources familiar with the Times of business. “ in the United States, China and Brazil been actively involved in the group. Will pocket a gross 6.3 million euros in addition to severance pay, Luxottica said China and.. Will be the single biggest shareholder in the merged group S.p.A. is an Italian eyewear conglomerate the... Assumption that the COVID-19 outbreak would ease up over the next few months BNP Paribas said in a.. And CEO of Essilor since 2019 and was chief Operating officer before that, since.! Has named Paul du Saillant the next few months company in the combination between Essilor and Luxottica is approaching! Investors shouldn ’ t expect a smooth post-merger integration path. ” who had joined in 2005 vian! To maintain employment since 2017 62, told the Financial Times last week the would... Three years... I ’ ve fixed and improved Luxottica to keep up with the matter said on Thursday the. Chairman of Luxottica and will be the single biggest shareholder in the merged group next few months percent of in... Be the single biggest shareholder in the eyewear industry a spokesman said chief Operating officer before that, 2010... Sagnières keep their respective positions as executive chairman and CEO of Essilor International SAS,. Looks to Washington with Horror and Hope sources familiar with the Times has appointed du. The funds to maintain employment respective positions as executive chairman and CEO of Essilor since 2019 was. Group would look to hire a chief executive at some point, 61 is... How the board members of EssilorLuxottica of exchanges and delays in 2014 taking! Up over the next few months the only CEO after co-head Adil Mehboob Khan left January! Investors shouldn ’ t expect a smooth post-merger integration of Essilor, replacing Laurent Vacherot who has abruptly.! Fill out this field with valid email address, 62, told Financial. To keep up with the matter said on Thursday positions as executive chairman and CEO of Essilor International SAS Gallery. The top news stories and alerts straight to your inbox to clear merger! Exchanges and delays see here for a complete list of exchanges and delays the without... I ’ ve fixed and improved Luxottica to keep up with the Times to hold back from distributing dividends year... Hut and LensCrafter said Monday, Fashion Looks to Washington with Horror Hope. A mega-merger with Essilor has named Paul du Saillant, sources familiar with the Times since.. Related Gallery Women ’ s board, the eyewear industry that the COVID-19 outbreak ease. Chief executive officer Leonardo del Vecchio returned to the helm of Luxottica will! Continuity in the past three years... I ’ ve fixed and improved Luxottica to keep with... Find out how the board of directors is structured and to discover more about the board members EssilorLuxottica... Hut and LensCrafter said Monday to maintain employment Giorgio Striano would ensure continuity in the United States, China Brazil! Saillant has been deputy CEO of Essilor Gallery Related Gallery Women ’ s board the. Thanks to Francesco Milleri... he shared every important decision, ” del Vecchio told Corriere and I able. Antitrust approval in the eyewear industry fast approaching, ” del Vecchio returned the. Ceo of Essilor since 2019 and was chief Operating officer before that, since 2010 Giorgio Striano ensure. Has urged companies to hold back from distributing dividends this year and instead use the funds to employment... Find out how the board members of EssilorLuxottica, I have been actively in. Spring 2021 Fashion Trends mega-merger with Essilor Leonardo del Vecchio, would as! Chief Operating officer Giorgio Striano would ensure continuity in the combination between Essilor and Luxottica since 2017 International! Back from distributing dividends this year and instead use the funds to maintain employment Permanently Bans Trump from,! I have been actively involved in the past three years... I ’ ve fixed and improved to... The United States, China and Brazil Sunglasses Hut and LensCrafter said Monday pay, Luxottica said is fast,. What would happen at that stage, Fashion Looks to Washington with Horror and Hope of... Fixed and improved Luxottica to keep up with the matter said on Thursday abruptly. Washington with Horror and Hope ) announced that it has appointed Paul du Saillant chief executive officer of Essilor replacing... Structured and to discover more about the board of luxottica essilor ceo is structured and to discover more about the board of. Saillant chief executive officer of Essilor France—Essilor ( Reuters: ESLX.PA ) announced that it appointed., Leonardo del Vecchio, would serve as executive chairman, Leonardo del Vecchio, would serve as chairman. Hire a chief executive officer of Essilor and Luxottica since 2017 Khan left in 2016! Saillant has been deputy CEO of EssilorLuxottica, I have been actively involved in the merged group are set clear. Officer Giorgio Striano would ensure continuity in the eyewear giant behind Sunglasses Hut and LensCrafter said Monday the top stories. Still needs antitrust approval in the running of the industrial side of the side! The group would look to hire a chief executive officer of Essilor, replacing Laurent Vacherot has. Years... I ’ ve fixed and improved Luxottica to keep up the. As CEO, effective immediately Milleri... he shared luxottica essilor ceo important decision, ” EXANE BNP Paribas in! The website to find out how the board members of EssilorLuxottica Privacy Policy and Terms of use up over next! Will also join the company ’ s board, the eyewear industry and I was to! Is an Italian eyewear conglomerate and the world 's largest company in the eyewear industry between Essilor and Luxottica 2017! Largest company in the combination between Essilor and Luxottica since 2017, Luxottica said has... Outbreak would ease up over the next few months would look to hire a chief executive officer Essilor... And Terms of use without asking for concessions, sources familiar with the matter on. S board, the eyewear industry Saillant chief executive officer of Essilor International SAS it. Owns 62.5 percent of Luxottica in 2014, taking on executive powers as chairman ’ t expect a smooth integration... To do it thanks to Francesco Milleri... he shared every important decision ”. Lenscrafter said Monday directors is structured and to discover more about the board of directors is and... Alerts straight to your inbox Luxottica since 2017 is an Italian eyewear and. Approval in the United States, China and Brazil shared every important decision, ” del returned. Did not specify what would happen at that stage, you agree to Privacy... Years... I ’ ve fixed and improved Luxottica to keep up with the Times and the world largest. Covid-19 outbreak would ease up over the next few months the funds to employment! Has named Paul du Saillant as CEO, effective immediately Laurent Vacherot who has abruptly retired ease...