Founder Del Vecchio takes over at Luxottica after CEO resignation
Italian eyewear giant Luxottica Group has announced that its billionaire founder Leonardo Del Vecchio has taken over as CEO on an interim basis after the resignation of its CEO Enrico Cavatorta, who resigned after one month in the position.
The company’s director Roger Abravanel also resigned from the board and independent members have threatened to quit the company if Del Vecchio fails to fill the two vacant chief executive positions. The board has also decided to suspend the appointment of Massimo Vian as a co-chief executive until a second co-chief executive is named.
Luxottica is a leader in premium fashion, luxury and sports eyewear, with 7000 optical and sun retail stores. Luxottica owns brands such as Ray-Ban and licenses brands such as Armani, Chanel and Burberry.