The company explained that the agreement settles existing disputes among the parties in order to progress with the integration process of the two companies.
All existing claims have been waived and legal proceedings terminated, including a request for arbitration filed by Delfin.
According to the agreement, the deputy chairman and CEO of Luxottica Group, Francesco Milleri, and CEO of Essilor International, Laurent Vacherot, will develop and implement the joint company’s strategy and integration process within the next 12–24 months.
Mr Vacherot has been appointed as a director of EssilorLuxottica, replacing Bernard Hours.
Executive chairman of EssilorLuxottica, Leonardo Del Vecchio, said: “I’m very pleased about this outcome. The industrial rationale of the combination is even stronger when looking at all the opportunities raised during the meetings of the integration committee. Today, respecting the equal power and the combination agreement, we have found a solution to better execute such strategic combination.”
Executive vice-chairman of EssilorLuxottica, Hubert Sagniéres, added: “With these decisions driving towards a more unified company, EssilorLuxottica is well positioned to accelerate its growth in order to achieve its mission: to help people around the world to see more, be more and live life to its fullest by addressing their evolving vision needs and personal style aspirations.”
In April, EssilorLuxottica appointed two recruitment agencies to find a new chief executive by the end of 2020. Mr Milleri and Mr Vacherot have informed the board that they will not be putting themselves forward for the role.
Pictured is Mr Del Vecchio and Mr Sagniéres.