EssilorLuxottica is restructuring its management team at the end of the year: By decision of 17 December, Hubert Sagnières and Leonardo Del Vecchio handed over the reins of management to Francesco Milleri and Paul du Saillant, who were appointed Chief Executive Officer (CEO) and Deputy Chief Executive Officer (Deputy CEO) of EssilorLuxottica, respectively, until the appointment of the new Board of Directors at the 2021 Annual General Meeting.
Francesco Milleri and Paul Du Saillant take over the management from . . . (Pictures: EssilorLuxottica)
„The Board of Directors of EssilorLuxottica decided on 17 December 2020 to adapt the governance of EssilorLuxottica, in full compliance with the principle of equal powers of the Business Combination Agreement, to take into account the wish of the Deputy Chief Executive Officer to retire,“ the press release states. Accordingly, Hubert Sagnières will relinquish all executive duties at EssilorLuxottica and its subsidiaries and will remain with the company as non-executive vice-chairman.
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In order to preserve the principle of equal powers, Leonardo Del Vecchio had decided to voluntarily step down from his executive duties at EssilorLuxottica and will remain non-executive Chairman of the Company.
. . . Leonardo Del Vecchio and Hubert Sagnières (Picture: EssilorLuxottica)
The Board of Directors transferred executive powers to Francesco Milleri and Paul du Saillant, who are appointed Chief Executive Officer (CEO) and Deputy Chief Executive Officer (Deputy CEO) of EssilorLuxottica, respectively, until the appointment of the new Board of Directors at the 2021 Annual General Meeting. Paul du Saillant will also become Chairman and CEO of Essilor International.
Interim dividend at EssilorLuxottica
The Board of Directors had also decided to pay an interim dividend for the 2020 financial year of €1.15 per share on 28 December 2020 (ex-date: 23 December 2020). This decision was supported by the effectiveness of the measures taken to contain costs and maintain liquidity, as well as the solid business recovery in the second half of the year.
„I would like to thank Hubert for his success in making Essilor a global leader and helping to make EssilorLuxottica the strong company it is today. The contributions he has made to the company during his career are lasting. I am also pleased that the robust and disciplined approach we have taken in leading our company through a challenging year has made this dividend possible – a strong indication that our company and our industry have the ability to overcome great adversity,“ commented Leonardo Del Vecchio.
„The incredible progress made over the past two years, and most recently under Francesco and Paul’s drive, gives me confidence that this is the right time for me to step down and transfer my leadership powers to them to allow for a smoother transition in governance. I know that this adapted leadership will further accelerate the integration of the company and the realisation of synergies, which will benefit all stakeholders,“ added Hubert Sagnières.
