Boston, MA 09/02/2014 (wallstreetpr) – According to recently published reports, Andrea Guerra, Chief Executive Officer of Luxottica Group SpA (ADR) (NYSE:LUX) has decided to step down from the CEO’s position after having difference in opinions with Leonardo Del Vecchio. LUX is the largest eyewear makes of the world and has offices in different parts of the planet. Guerra served the company for around a decade and tried everything possible to take it on newer heights.
What’s The Matter:
Del Vecchio is a billionaire who started the business way back in 1961 and struggled to make LUX a brand, while Guerra joined Luxottica Group SpA (ADR) (NYSE:LUX) a decade back in 2004. Vecchio owns 65% shares in the company and has different goals regarding the future of LUX than Guerra. He announced while briefing to a press-conference that Guerra and he didn’t share the same opinion regarding the future of the company; hence Guerra decided to step-down as the CEO of the company.
After the resignation of Guerra, Vecchio will join the three-strong leadership team along with finance Chief Enrico Cavatorta. When reporters asked him about the matter, he said, “I have a lot of respect for Guerra in my heart, but our future goals about Luxottica Group SpA (ADR) (NYSE:LUX) are different.” He further added that this resignation did not include any arguments between both of them. It was a consensual decision taken by Guerra. Trade union representatives told that Guerra’s tenure had been just a matter of speculation in the company since the month of July. Guerra, age 49 and Vecchio, age 79 have been debating over managerial structure and strategic direction for some time. If today’s stock price of Luxottica Group SpA (ADR) (NYSE:LUX) is compared from the stock price when Guerra didn’t join, then one can clearly see the difference. The share price of the company has tripled in last ten years.
The maker of Ray-Ban eye-glasses said that Guerra would receive a redundancy payment of 10 million Euros ($13 million). Cavatorta will replace him as of now while one more CEO will join the company at a later date.