The Board of Directors of EssilorLuxottica decided to adjust EssilorLuxottica’s governance in full respect of the equal powers principle of the business combination agreement, in order to accommodate its Executive Vice-Chairman’s desire to retire.
Mr. Sagnières leaves all his executive responsibilities at EssilorLuxottica and its subsidiaries and will remain as non-executive Vice-Chairman of the company.
In order to preserve the equal powers principle of the business combination agreement currently in place, Leonardo Del Vecchio decided to voluntarily step back from his executive responsibilities at EssilorLuxottica and will remain non-executive Chairman of the company.
Executive powers
The Board granted executive powers to Francesco Milleri and Paul du Saillant, who are appointed as Chief Executive Officer (CEO) and Deputy Chief Executive Officer (Deputy CEO) of EssilorLuxottica, respectively, until the appointment of the new Board of Directors by the 2021 annual general meeting of shareholders.
Mr. du Saillant becomes Chairman and CEO of Essilor International.
The Board of Directors also decided to pay an interim dividend for the 2020 financial year of Euro 1.15 per share on December 28, 2020. This decision was supported by the efficacy of the measures taken to rein in costs and preserve cash and by the sound business recovery in the second half of the year.
