Mar 26, 2015
's main investor names board candidates Luxottica
Mar 26, 2015
The controlling shareholder in Italy's Luxottica has announced its list of 13 board nominees as the world's largest eyewear maker works to rebuild investor trust after an abrupt management shake up last year.
The maker of Ray Ban sunglasses went through a governance overhaul last autumn when rifts with founder and key shareholder Leonardo Del Vecchio prompted long-time boss Andrea Guerra and his replacement to leave in quick succession.
After Guerra's successful 10-year tenure, Luxottica adopted a dual chief executive structure. Long-standing former Procter & Gamble manager Adil Mehboob-Khan arrived in January to oversee markets and flank veteran executive Massimo Vian who heads product and operations.
The 79-year-old Del Vecchio, who owns 61.4 percent of Luxottica through his Luxembourg-based family holding company Delfin, will continue to sit on the board but his son Claudio was not reappointed.
Former P&G executives such as Cristina Scocchia, the current chief executive for Italy of French cosmetics giant L'Oreal , and Luigi Feola are also on the board list.
Other nominees include Andrea Zappia, the CEO of Sky Plc unit Sky Italia, luxury group Moncler's Chief Corporate Officer Luciano Santel and Karl Heinz Salzburger, vice president of U.S. clothing group VF Corporation.
The list will be submitted to shareholders at a meeting this spring.
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