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.
Both men have ruled themselves out of the search for a new CEO for the merged business, which was the cause of the recent public dispute.
‘I’m very pleased with this outcome. The industrial rationale of the combination is even stronger when looking at all the opportunities raised during the meetings of the Integration Committee,’ said Leonardo Del Vecchio, executive chairman of EssilorLuxottica.
‘With these decisions driving to a more unified company, EssilorLuxottica is well positioned to accelerate its growth in order to achieve its mission: to help people around the world to see more, be more and live life to its fullest by addressing their evolving vision needs and personal style aspirations,’ added Hubert Sagnières, the company’s executive vice-chairman.