EssilorLuxottica hires two headhunters to find new CEO

PARIS (Reuters) - French-Italian eyewear group EssilorLuxottica has hired two headhunters to search for a new chief executive officer in a bid to cool a conflict between its French and Italian partners over leadership of the company.

Reuters April 18, 2019 02:05:40 IST
EssilorLuxottica hires two headhunters to find new CEO

EssilorLuxottica hires two headhunters to find new CEO

PARIS (Reuters) - French-Italian eyewear group EssilorLuxottica has hired two headhunters to search for a new chief executive officer in a bid to cool a conflict between its French and Italian partners over leadership of the company.

EssilorLuxottica, which resulted from the merger of French lenses maker Essilor and Italian frame manufacturer Luxottica last October, is being torn apart as the two groups, who were supposed to have equal weighting in the combined company's leadership, accuse each other of trying to dominate.

Tensions became apparent last November, when Luxottica's founder Leonardo Del Vecchio, who is the chairman of the merged entity, appeared to tap his right-hand man, Francesco Milleri, for the chief executive's role, irking the French side.

Hubert Sagnieres, who came from Essilor and is vice-chairman of the new entity, has openly criticised Del Vecchio.

As the conflict has focussed on who will lead the company, EssilorLuxottica's nomination and compensation committee has managed to make Del Vecchio and Sagnieres accept the hiring of two recruitment firms to find a new CEO, the company said in a statement on Wednesday.

"The future CEO will be agreed and proposed to the Board of Directors for joint appointment by both the Executive Chairman and the Executive Vice-Chairman," the statement said.

The group's new boss, who will first hold the title of "Directeur General Delegue", will run EssilorLuxottica as a non-operating company and will assist Del Vecchio and Sagnieres to integrate the two firms, that will however remain as separate and autonomous legal entities.

(Reporting by Inti Landauro, Editing by Sarah White and Kirsten Donovan)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.