Essilor has officially become a parent company of Luxottica and was renamed EssilorLuxottica on Monday (1 October).
The completion of the partnership was announced by Delfin, the majority shareholder of Luxottica, and Essilor International.
Coinciding with the announcement, a new visual identity and corporate website for EssilorLuxottica was launched.
The new name was originally revealed in October last year, with Essilor confirming that the name change would occur as part of the £40 billion (€46bn) merger.
The board of directors of EssilorLuxottica comprises of 16 members. It includes: Leonel Ascencao Pereira, Romolo Bardin, Leonardo Del Vecchio, Juliette Favre, Giovanni Giallombardo, Bernard Hours, Annette Messemer, Francesco Milleri, Gianni Mion, Lucia Morselli, Olivier Pécoux, Sabrina Pucci, Hubert Sagnières, Cristina Scocchia, Jeanette Wong and Delphine Zablocki.
The new EssilorLuxottica board met on Monday and agreed the appointments of Essilor chief financial officer, Hilary Halper, and Luxottica chief financial officer, Stefano Grassi, as co-chief financial officers of the new company.
It also confirmed that a nomination and compensation committee will be briefed before the end of January next year to lead the search for a chief executive officer for EssilorLuxottica.
EssilorLuxottica has a share capital that is made up of 358,840,853 shares. Currently, the company’s main shareholders are Delfin (38.93%) and EssilorLuxottica employees (4.9%). The remaining 56.8% of the shares are being publicly held.
Executive vice-chairman of EssilorLuxottica, Hubert Sagnières, called the creation of EssilorLuxottica “a defining moment” in the organisation’s goal to “elevate the importance of good vision as both a basic human right and a key lever for global development.”
He said: “EssilorLuxottica now has the means to give this important cause a much stronger voice and is in a position to grow the entire eye care and eyewear industry thanks to its presence in all major segments, from lenses to frames to physical and online distribution. Our commitment to foster innovation, enhance customer service and reimagine the consumer experience will benefit all stakeholders. Moreover, the company’s mission will be strengthened by active and growing employee ownership, which is set to play a central role in the EssilorLuxottica governance model.”
EssilorLuxottica will present its first combined annual results in early 2019.