Italian eyewear behemoth Luxottica has announced plans to alter its management structure to a co-CEO model following the departure of CEO Andrea Guerra earlier this week.
It was widely reported last week that Guerra had been at loggerheads with Luxottica chairman Leonardo Del Vecchio over the direction of the company. Speculation as to the reasons for the rift included an offer made to Guerra to move into politics and Del Vecchio not being fully informed about the company’s decision to partner with Google on Google Glass.
Guerra will now receive a package reportedly worth up to €45m, made up of severance pay and share purchases. Del Vecchio thanked Guerra for the contribution he had made to the company over the past decade.
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