The Italian and French fronts of the EssilorLuxottica eyewear group have signed an agreement, resolving the governance problem: thus overcoming the stalemate within the holding board of the holding company and also resolving the knot of international arbitration started by Leonardo Del Vecchio through Delfin. A note reports that Leonardo Del Vecchio and Hubert Sagnieres have delegated some powers to Francesco Milleri (Vice-President – CEO of Luxottica Group) and Laurent Vacherot (Chief Executive of Essilor International) in order to focus immediately on the integration process of the new Group.
The note also says that the agreement “puts an end to any dispute between the parties“. According to the terms of the agreement, it will be up to Milleri and Vacherot to accelerate on the path of integration thanks to the mandate given to them. A process that will have to take place “within the next 12-24 months”. Milleri and Vacherot have also approved the appointment of executives with strategic responsibilities for the central functions of the Group; Vacherot, who has been appointed director to replace Bernard Hours (who in turn has asked to be relieved of his office), will also become a member of the Strategic Committee of the Board of Directors.
Neither Milleri nor Vacherot are also in the running for the appointment of the new CEO: the two have in fact informed the Board that “they will not be candidates for this position“. As a result of the agreement, all disputes and legal proceedings in progress will be revoked.