EssilorLuxottica has reorganised the way it is governed and rebalanced powers after executive vice chair Hubert Sagnières decided to retire.

The company’s board of directors adjusted its organisation as Sagnières would leave all his executive responsibilities at the company and remain as non-executive vice chair.

In order to preserve equal powers of the business combination agreement, Leonardo Del Vecchio would voluntarily step back from executive responsibilities and remain as non-executive chair of the company.

Francesco Milleri and Paul du Saillant have been appointed as CEO and deputy CEO of EssilorLuxottica, respectively, until the appointment of the new board in 2021. Du Saillant has also been appointed chair and CEO of Essilor International.

Del Vecchio said: ‘I want to thank Hubert for his success in turning Essilor into a world leader and helping to build EssilorLuxottica as the strong company it is today. The contributions he made during his career with the company are long-lasting.’

‘The incredible progress made over the last two years, and most recently under the impetus of Francesco and Paul, gave me confidence that this is the right time for me to step back and transfer my executive powers to them, to facilitate a smoother governance transition. I know that this adjusted governance will further accelerate the integration of the company and the delivery of synergies, benefitting all stakeholders, through the continued deployment of our mission,’ Sagnières added.