Luxottica adopts governance structure based on “co-CEO Model”
Enrico Cavatorta appointed Chief Executive Officer of Corporate Functions and Interim CEO of Markets Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX) announced that it has adopted a new organization structure based on a "co-CEO" model, with one chief executive officer focused on Markets and the other on Corporate Functions. The change to a "co-CEO model" by which responsibilities are distinct but complementary, will guarantee improved governance for the Group that in recent years has considerably increased in size, complexity and global presence. Enrico Cavatorta, current General Manager of the Group, was appointed CEO of Corporate Functions and Interim CEO of Markets until the ongoing search for a second CEO is completed. Led by Massimo Vian, Operations will temporarily report to Chairman Leonardo Del Vecchio. To support the efficient management of the Group during this new phase, an executive committee will be set up and chaired by Leonardo Del Vecchio. The appointment of Enrico Cavatorta will ensure the enhancement of excellent internal management and guarantee the required strategic continuity. At the same time, the appointment of a CEO from outside the company will bring new energy and expertise at a time of important changes. After meetings with Leonardo Del Vecchio on the Group's future strategies and organization structure, Andrea Guerra will step down as CEO at the end of a ten-year cycle of organizational consolidation and managerial growth. His considerable energy, passion and professionalism contributed to strengthening the Group's business and presence on the markets with excellent results. This new organization and management model aims to support a new stage of development. Consistent with the strategic vision pursued to date, it will enable the Group to take advantage of new opportunities in a competitive global market characterized by growing complexity and changing competitive dynamics. Thus, it will be possible to fully benefit from structural factors for eyewear growth and, in the long term, to run traditional channels (wholesale and retail) and the most innovative channels with energy and new skills.
