Essilor’s core businesses have seen sustained growth over the past several years, while new activities such as sunwear and online have undergone increasingly rapid development.
In parallel, the company said its geographic expansion has opened up extensive new markets in Latin America, the Middle East, Asia and Africa.
In this context, Essilor has decided to realign its organization to meet the growing operational needs resulting from this expansion and respond to the related strategic and managerial challenges.
At the Dec. 6, 2016 Board of Directors’ meeting, Hubert Sagnières, Chairman and Chief Executive Officer of Essilor, proposed strengthening the Company’s executive management by appointing Laurent Vacherot as President and Chief Operating Officer.
Vacherot has been Co-Chief Operating Officer since 2010.
In his new role, he will take direct responsibility for Essilor’s operations with all operational executives reporting directly to him. The Finance, Human Resources, Corporate Mission, Communications and Strategy will report to the Chairman and Chief Executive Officer.
After consulting the Nominations Committee and the Executive Officers and Remunerations Committee, the Board of Directors unanimously approved the proposal. It also proposed to appoint Laurent Vacherot as director, subject to the approval of shareholders at Essilor’s next Shareholders’ Meeting to be held on May 11, 2017.
“As industry leader, Essilor has been able to associate key strategic decisions with operational efficiency to carry out its mission of “improving lives by improving sight,” says Essilor chair and chief executive officer Hubert Sagnières.
Sagnières says the key day-to-day operational challenges includes innovating, expanding in market segments complementary to our core businesses and gaining footholds in vast countries with extensive markets.
“The realignment of our organization will help us accelerate the implementation of our strategy and lay the groundwork for the Company and our teams to achieve meaningful and value-adding growth over the long term,” he says. “I am delighted at the prospect of working even more closely with Laurent at the head of Essilor’s operational management, in carrying out our mission on behalf of our customers and in the interests of our shareholders and employees.”
For more information visit www.essilor.com