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Luxottica CEO departs early

Luxottica has made major changes to its governance structure, replacing former CEO Mr Massimo Vian with deputy chairman Mr Francesco Milleri.

The move to replace 13-year company veteran Vian was described by the company as a simplification of its “organisational and governance structure”, and places increased executive responsibilities in the hands of executive chairman and founder Mr Leonardo Del Vecchio.

Chief financial officer Mr Stefano Grassi has also been appointed to Luxottica’s board of directors as part of the changes.

In a statement announcing Vian’s exit – three months before his term was set to expire – Del Vecchio thanked the former CEO for his contribution to the company and said it was the completion of a reorganisation process that had started more than three years ago.

"Today’s decision aims at making Luxottica even faster and more proactive."
Massimo Vian, Former CEO of Luxottica

“We have gone through a number of intermediate steps to give the organisation the time to absorb and optimise the numerous business and production innovations,” he said.

“We are closing an extraordinary year but my satisfaction is enhanced by the many positive signs experienced daily from our strategic initiatives: the new digital and e-commerce organisation, advancements in technological innovation and processes, the opening of our central laboratories for the production of lenses and commercial policies that protect the value of our brands.”

“Today’s decision aims at making Luxottica even faster and more proactive, with the group’s leadership focused on strategies and an articulated geographical organisation that is closer to the needs of all our customers. We are preparing for major opportunities ahead and approaching with the best set-up a new chapter in our history with our French partners at Essilor,” he added.

The proposed merger alluded to by Del Vecchio appears on the verge of being approved by EU antitrust regulators, after anonymous sources familiar with proceedings told Reuters the €48 billion (AU$73.45 b) was set to receive unconditional approval.

The European Commission declined to comment on the report and has until March 8 to hand down its decision.


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