Report: Luxottica owner says return as CEO temporary

Milan, Italy –- Leonardo Del Vecchio, 79, the chairman and founder of global eyewear manufacturer/retailer Luxottica Group who assumed the role of interim CEO on Oct. 14, has reportedly sent a letter to employees reassuring them his return as CEO is temporary. According to Reuters, in the letter, Del Vecchio said he would step down and turn management over to new co-CEOs once the company’s new governance structure is consolidated.



Current COO Massimo Vian will be named as co-CEO in Jan. 2015. At that time, Adil Mehboob-Khan, president of global salon professional for Procter & Gamble, will join Luxottica as co-CEO. Del Vecchio also said his family, which includes six children from three relationships, will not be involved in the company’s business.



On Oct. 14, Enrico Cavatorta, who accepted the role of CEO at Luxottica in Sept. 2014, resigned due to what the company termed disagreements with corporate governance structure. Board member Roger Abravanel also resigned for the same reason. Cavatorta replaced former CEO Andrea Guerra, who left after a 10-year tenure that saw Luxottica rise to global prominence.



Upon request of the board, Cavatorta will keep his role of officer responsible for preparing the company’s financial reports until the approval of third quarter results on Oct. 29, 2014. Net income is expected to rise 10%.