EssilorLuxottica announces leadership reshuffle

Hubert Sagnières, executive vice-chairman of EssilorLuxottica, is retiring from his executive responsibilities, with executive chairman, Leonardo Del Vecchio, voluntarily stepping back

KY Lux 2
EssilorLuxottica has announced changes to its governance as its executive vice-chairman retires from his role.

Hubert Sagnières will be leaving his executive responsibilities at the company and its subsidiaries but will remain a non-executive vice-chairman.

In order to preserve the principle of shared power that forms part of the combination agreement of EssilorLuxottica, Leonardo Del Vecchio, executive chairman and founder of Luxottica Group, has voluntarily stepped back from his executive responsibilities. He will also remain a non-executive chairman of the company.

The company’s board of directors have appointed new leaders until the 2021 shareholder annual general meeting, with Francesco Milleri - deputy chairman and CEO of Luxottica – to become chief executive officer. While Paul du Saillant, the CEO of Essilor, has been named deputy CEO of the company and also becomes chairman and CEO of Essilor International.

Commenting on his decision to step down, Mr Sagnières, said: “The incredible progress made over the last two years, and most recently under the impetus of Francesco and Paul, gives me confidence that this is the right time for me to step back and transfer my executive powers to them, to facilitate a smoother governance transition.”

He added that the adjusted governance would “further accelerate” the integration of the company and the “delivery of synergies.”

Mr Del Vecchio commented: “I want to thank Hubert for his success in turning Essilor into a world leader and helping to build EssilorLuxottica as the strong company it is today.

“The contributions he made during his career with the company are long-lasting,” he added.

The board of directors also decided to pay an interim dividend for the 2020 financial year, of €1.15 per share, on 28 December. The company said this decision was supported by the efficacy of the measures taken to rein-in costs, preserve cash and by the “sound business recovery” of the second half of the year.

Commenting on the move, Mr Del Vecchio suggested it was a sign that “our business and our industry has the ability to push through great adversity.”