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This article was published on 13 October 2014 at 10:46.
The last change is the 13 October 2014 at 11:12.
After 15 years with Del Vecchio, Enrico Cavatorta (from a month to Luxottica Group instead of War) leaves the company. The title now falls in the stock market. And there are questions about the causes of the financial and media chaos that is hitting a “multi master” worth $ 19 billion a year will invoice 7.
According to the initial gossip, to cause an overflow of water from the vessel may have been Nicoletta Gush (second of three “unions” Del Vecchio). Jet, which Del Vecchio has since remarried, asked to enter Delfin, the safe which holds 61% of Luxottica.
It may have been this afternoon yesterday to cause the output flash of Cavatorta after a four-hour meeting with the patron Del Vecchio.
It should also be said that the Gush is considered close to Francis milleri, possible new director. The appointment could come today. And that would close the circle.
Cavatorta milleri and are compatible like cat and dog. Del Vecchio would therefore not be able to avoid yesterday’s farewell Cavatorta in an attempt to smooth over tensions within a large family of six children, the future of the company does not have the same vision.
The crisis of recent weeks is therefore of a different nature from the previous one, but more insidious, because it creates a mixture between seemingly parallel universes. With the farewell of War, Del Vecchio has chosen on the basis of what he considered to be the good of the company, but today, for the first time, the choice is other and within the same board of directors there would be discontent for the arrival of milleri, considered by some councilors valid as a consultant, but not as an expert on the face of business management. Hence the acceleration imposed by Del Vecchio, now that the disagreements are in the public domain, intending to close as soon as the game, while the Consob follows the moves at a distance.
Through the Delfin industrial controls the 61,35% of his own creature inside holding the assets is divided among the sons, each of whom has a package of 16.38 percent. For now, the president holds the reins of all with the direct ownership of 1.72% of the company and the usufruct on shares allocated to their children. The balance to be struck between the heirs, however, is difficult, since the wife, mother, only to Leonardo Maria Del Vecchio, that in case of succession would be entitled to one third of the assets of her husband, she asked to come in Delfin with a share 25%, making it necessary to step back from all the children (Claudio, the only seat in the board of directors of a listed company), Marisa and Paola from his first marriage, Mary Leonardo, son of Gush with whom the contractor has remarried and is the current wife, and the children of the third marriage, Luke, and Clement.)
In recent months the succession plan would have ended up on the table of the lawyer Sergio Heir. Is historically the legal heir of the family, so much so that the new status of the Delfin choice was to join the board of management own the business lawyer from Milan, who has a historical relationship with the group. Hence the decision to entrust to him the role of director of the new succession plan. Heir, interviewed by Il Sole 24 Ore, declined to comment on their involvement.
Authoritative sources report, however, that the game is in full swing and the wife of Leonardo Del Vecchio, Nicole, would make specific requests to the husband, or the obtaining of 25% of the historic family holding company. The point is that to get a share of that amount each of the six children should give up to approximately 4% of the share.
Bed differently: Luxottica capitalizes currently about 19 billion, and the share of Delfin , equal to 61.35%, which is approximately 11.4 billion and the 4% that should give each child more than 450 million. The total bill? Two billion and 700 million. Natural that there is a confrontation in the family and that the final agreement has not been reached yet. All the more so the knot of succession comes at a special moment for the group of glasses, struggling with the change at the top after the exit of former CEO Andrea Guerra and in view of the renewal of the Board of Directors of Luxottica.
Right in the future board of directors to be appointed next year could be announced big news. As reported by Il Sole 24 Ore last Sept. 26, the most salient fact may be the input of the children of the second generation. Sits on the board of the group already the eldest son Claudio, 57. On the horizon looms a passing of the torch: the candidate is the young Leonardo Maria, twenty fourth son of Del Vecchio with Nicoletta Gush. Another clear sign, then, of the will of the companion of the founder of Luxottica count more in the current balance of the group.
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