×
164
Fashion Jobs
L'OREAL GROUP
Executive - Sales - Matrix - Cochin
Permanent · Kochi
SUBIR SINHA
General Manager Production Manager
Permanent · Kanpur
RIVAARA LABS
we Are Area Sales Manager Like You to Join Our Sales Team
Permanent · Nashik
CAPITAL PLACEMENT SERVICES
sr.Manager Production Grinding Machines For Vadodara Gujarat
Permanent · Vadodara
L'OREAL GROUP
Area Sales Manager - South Bengal
Permanent · Kolkata
FUTURES AND CAREERS
Job Requirement For "Assistant Production Manager"
Permanent · Renigunta
KEWAL KIRAN CLOTHING LTD
Area Sales Manager (Channel Sales) Rajasthan, Jaipur
Permanent · Jaipur
FEDBANK FINANCIAL SERVICES LTD
Area Sales Manager- Doorstep Gold Loan(Chennai)
Permanent · Chennai
HERO HOUSING FINANCE LIMITED
Area Sales Manager
Permanent · Thane
PROJOBS
Manager Accounts - Garment Manufacturing (Cma)
Permanent · Coimbatore
HECTOR AND STREAK CONSULTING PVT LTD
Production Manager- Diagnostic Portfolio
Permanent · Mumbai
ELITE DECOR PVT LTD
Production Manager & Production Supervisor
Permanent · Vadodara
L'OREAL GROUP
Sales Executive - Professional Division - Bhopal
Permanent · Bhopal
L'OREAL GROUP
Executive - Sales Cpd - Bhatinda (n)
Permanent · Bathinda
L'OREAL GROUP
Sales Executive - Cpd - Bhatinda
Permanent · Bathinda
L'OREAL GROUP
Area Sales Manager, Cpd - Chandigarh
Permanent · Chandigarh
HEALTHKART
Area Sales Manager- Healthkart - Lucknow, Agra, Gwalior
Permanent · Lucknow
HALONIX TECHNOLOGIES PVT LTD
Area Sales Manager - Lighting Retail Sales (Rajkot)
Permanent · Rajkot
ELECTRONICA FINANCE LTD
Area Sales Manager - Bangalore Machinery Loan
Permanent · Bengaluru
NANDANI CREATION LTD
Production Manager
Permanent · Jaipur
ELECTRONICA FINANCE LTD
Area Sales Manager - Kolhapur Machinery Loan
Permanent · Kolhapur
DIAMOND RETAIL INDIA
Hiring For Sales Officer/Area Sales Manager (Jharkhand All District)
Permanent · Ranchi
By
Reuters
Published
Mar 2, 2016
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Luxottica founder to give up executive role 'in a few years'

By
Reuters
Published
Mar 2, 2016

The 80-year-old founder of Luxottica, who returned to lead the world's top eyewear maker after the exit of three CEOs in quick succession, sought to address governance concerns on Wednesday, saying he would hand over to internal managers "in a few years".

Leonardo Del Vecchio, who has a 66.5 percent stake in Luxottica through a family holding, has attracted criticism from some analysts and corporate governance experts over his apparent reluctance to cede control of the firm he founded in 1961.

Leonardo Del Vecchio - Luxottica


He tightened his grip by taking on executive powers at the end of January, when Luxottica announced the departure of co-CEO Adil Mehboob-Khan after just a year in the job.

Massimo Vian, who had been joint CEO in charge of products and operations, became the sole CEO, but with a limited remit.

In a message to investors after Luxottica reported results on Tuesday, Del Vecchio said he had not resumed a leading role because the group was in trouble, but to grow its retail and e-commerce businesses as well as top brands Oakley and Ray-Ban.

He also said Luxottica was eyeing the high-margin lens sector, even though the company said on Tuesday it was not in tie-up talks with lens producers Essilor or Carl Weiss.

"In a few years, my plan is to return to my previous role of non-executive chairman and shareholder," Del Vecchio said, adding he would hand over to internal managers backed by a "strong and independent board of directors, as it is now".

Shares in Luxottica, down 12 percent this year, fell a further 3.6 percent on Wednesday after it trimmed its profit guidance to 2018 and said it would not pay a special dividend.

Luxottica also on Tuesday appointed to its board Francesco Milleri, a close associate of the Del Vecchio family, in a move some observers said exacerbated worries about transparency and governance.

In an unusual move, Del Vecchio issued a separate statement to say Milleri, a business and IT consultant, was not "a new CEO" but would assist him in his functions. Sources have said Milleri's growing influence at Luxottica has upset some top executives.

Del Vecchio, who has said none of his six children should carry the burden of such a big firm, is widely respected for having built Luxottica into a global player with revenues of 9 billion euros ($9.8 billion).

In a research note, JP Morgan analysts highlighted ongoing governance concerns and said Luxottica's sales guidance for 2016 of 5-6 percent at constant foreign exchange rates compared with analyst estimates of 7-8 percent growth.

 

© Thomson Reuters 2021 All rights reserved.