EssilorLuxottica launches the search process for a new administrative director



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Paris – EssilorLuxottica on Wednesday launched a process to search for a new CEO for the group, through two international companies, marking a first step after weeks of crisis between the Italian and French sides.

"EssilorLuxottica's Nominating and Compensation Committee has hired two recruitment consulting firms to assist in the search for candidates, based on the + best profile for the + position, to take on the role of Executive Director by the end of 2020 "the group said in a statement.

At the end of March, the crisis at the top of the group peaked when Delfin, the holding company of Leonardo Del Vecchio, CEO and the largest shareholder of EssilorLuxottica, requested arbitration by the International Chamber of Commerce against its Essilor partners. Both sides accuse each other of not respecting the 2017 rapprochement agreement.

In this context, the launch of the recruitment of a new CEO marks a step forward.

"Under the terms of the existing agreements, the candidature of the future CEO will be submitted to the Board of Directors of EssilorLuxottica, following a joint proposal from the CEO (Mr. Del Vecchio) and the Deputy CEO (Hubert Sagnières, CEO of Essilor, ed.), And based on the recommendation of the nominations and remuneration committee, "detailed Wednesday the launch of the group born on October 1 of the merger of France's Essilor and Italian Luxottica.

The two companies chosen are Russell Reynolds Associates and Eric Salmon & Partners.

"The selected candidate will initially be appointed as Chief Executive Officer, who will be responsible for coordinating EssilorLuxottica's activities as a holding company and for assisting the CEO and Vice President in their efforts to facilitate the integration of Essilor and Luxottica," added the group.

"His powers should be defined by the Board of Directors based on the joint recommendation of the President and the Chief Executive Officer and the Chief Executive Officer," he continues.

At the same time, the operating companies Essilor and Luxottica remain as two separate legal entities, "with their general managers maintaining, with the support of their respective management teams, independent management of their own operations, with certain exceptions."

afp / rp

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