BREAKING NEWS – Luxottica Releases Information Related To Departure of Andrea Guerra
BREAKING NEWS – Luxottica Releases Information Related To Departure of Andrea Guerra
Andrea Guerra will step down as chief executive of eyewear group Luxottica with a €45m exit package after Leonardo del Vecchio, the 79-year-old founder, returned to the frontline of the group he created half a century ago.
Mr del Vecchio will become executive chairman of the group after securing the exit of Mr Guerra, who he appointed a decade ago, at a board meeting on Monday afternoon.
Mr Guerra, pictured below, will leave with a severance package totaling about €11.5m, including a €10m “redundancy incentive”, plus an additional €34m for the shares he holds in the eyewear group, which will be bought back at €41.50 per share.
Luxottica’s board agreed extensive management changes including the creation of a new co-chief executive governance structure at the group, which owns the Ray-Ban and Oakley brands, and also recently signed a deal to co-develop and distribute Google Glass.
Mr Del Vecchio, who owns 66 per cent of Luxottica shares, has kept out of the limelight for the past decade and the shake-up underlines his return to the forefront of management. Mr Del Vecchio told the FT that he had decided since April that the group required more than one CEO given its complexity, but that Mr Guerra had disagreed and would therefore leave the group................................
see all of it: http://www.ft.com/cms/s/0/fd4e2498-3...#axzz3C98QJOZf
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Originally Posted by Chris Ryser
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