Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX), a leader in the design, manufacture, distribution and sale of fashion, luxury and sports eyewear today announced that the Board of Directors accepted the resignation of Enrico Cavatorta from the Board following disagreements on the current governance structure.
Roger Abravanel resigns from the Board of Directors for the same reasons.
The Chairman Leonardo Del Vecchio takes on the executive responsibilities ad interim while the co-CEO of Markets selection process is being finalized, based on a high profile list of candidates. The appointment of Massimo Vian as co-CEO of Operations and Product will take place together with the appointment of the co-CEO of Markets.
The Board acknowledged the Group performance of the third quarter, which shows a strong free cash flow generation, sales growth in line with the first half of the year at constant exchange rates and an expected increase in net income of approximately 10%.
Upon request of the Board, Enrico Cavatorta will keep his role of “officer responsible for preparing the Company’s financial reports” until the approval of 3Q results on October 29, 2014.