On 1 September, the company announced the introduction of a new management structure based on a co-CEO model; one focused on markets and the other dedicated to corporate functions.
Enrico Cavatorta, current General Manager and CFO of the Group has been appointed CEO of Corporate Functions and named as Interim CEO of Markets, pending the appointment of a permanent executive to the position. Operations, led by Massimo Vian, will temporarily report to the Chairman.
In a statement, Mr. Del Vecchio said, “I thank Andrea Guerra for the contribution he has made over the years to the growth of Luxottica… At the end of this ten-year journey, the company is now ready to face up to a new chapter in its history thanks to a management team of great strength and experience. This new phase starting today will see the group retain its strong focus on sales and profitability, and ensure it is ready to seize opportunities and face the challenges of the market.”
In other news, 50 Sears optical stores in the US, operated by Luxottica Retail’s Licensed Brands division are to close.
