Essilor and Luxottica call a truce in governance dispute

EssilorLuxottica has agreed on a settlement to overcome its recent public governance quarrel.

The company said the agreement, which was unanimously supported by the board of directors, ‘settles any existing dispute among the parties’.

According to EssilorLuxottica, the agreement has empowered deputy chairman and CEO of Luxottica Group Francesco Milleri and Essilor International CEO Laurent Vacherot with the responsibility to execute EssilorLuxottica’s strategy and integration process.

Vacherot and Milleri have approved the appointment of key executives for the Group’s central functions. Meanwhile, Vacherot has taken over Bernard Hours’ role as director of EssilorLuxottica after Hours asked to be relieved of his office, the company said.