Luxottica’s CEO may quit after row with founder and chairman

Mr Guerra’s position was to be considered by the board of Luxottica at its monthly meeting on 1 Septber.
The company said in a statent on 25 August the board would discuss managent structure and Mr Guerra’s position and that the meeting would be followed by a conference call for analysts and investors.
Three sources close to the matter told Reuters during the week ended 22 August that Mr Guerra, one of Italy’s most-respected executives, was set to leave after clashing with Mr Del Vecchio.
The company confirmed the two had been sparring over strategy for some time.
Shares in Luxottica have lost 3 per cent since press rumours of Mr Guerra’s exit first erged on 20 August, against a 3.7 per cent rise in Italy’s blue-chip stock index over the same period.
A source with direct knowledge of the matter said that general manager and chief financial officer Mr Enrico Cavatorta would take the helm of the company flanked by Mr Del Vecchio, whose executive powers would be strengthened.
The company is also looking to hire an external executive for its top managent team, the source said.
Mr Del Vecchio, 79, and one of Italy’s wealthiest men, has been chairman of Luxottica since he founded it in 1961 and owns 66.5 per cent of the group.
In his time with Luxottica, Mr Guerra, 49, has seen the company’s profit and revenue more than double. Net profit grew to euro 549 million ($732 million) in 2013 from euro 246 million in 2004, while revenue stood at euro 7.3 billion in 2013, up from euro 3.25 billion in 2004.