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This article was published on 13 October 2014 at 24:38.
The last change is the 13 October 2014 at 12:50.
Mattinata particularly intense in the offices of Piazzale Cadorna in Milan. After the developments of the weekend, with Enrico Cavatorta who experienced the “will” to “restore the powers of the board of directors CEO,” is currently in an informal meeting to decide what to do at the Board of Directors convened for this evening at 19.00. Some councilors, in fact, would have expressed the will to submit his resignation and others would be considering what to do. The board, therefore, could not reach the natural end of next May to approve the financial statements for the year ended December 31, 2014.
The board of directors currently sit, as well as the owner and president of the group Leonardo Del Vecchio, Vice President Luigi Francavilla, the CEO Enrico Cavatorta, the first son of Del Vecchio, Claudio, and independents Roger Abravanel, Claudio Costamagna, Mario Cattaneo, Elisabetta Magistretti, Marco Mangiagalli, Anna Puccio and Marco Reboa.
The agenda for the meeting of the board was to be the president’s proposal to co-opt Leonardo Del Vecchio Massimo Vian, currently chief operating officer, with the role of co-chief executive officer entrusted with the powers to the area and Operations Product and interim proxies for corporate functions and Markets. All business functions, with all the powers, they will report, therefore, only the two co-CEO. The communication to the market was made yesterday in a statement, in which the company also states that “the process of selecting the co-ceo Markets proceeds on the basis of a list of high-profile candidates. In light of the strong results for the third quarter, Luxottica is possible to proceed in such research in the time needed to make the best decision. “
Undeniable that the turbulence is due to rearrangements family, so much so that it is stated in note that “it is currently studying a reorganization of Delfin Sarl, the parent company of Luxottica Group, with the aim of improving the governance and further separate ownership from management of portfolio companies.” At the same time it is emphasized that Maria Leonardo Del Vecchio, fourth son of the President shall not enter into the category of directors and that the expiry of the board will not be confirmed nor Claudio Del Vecchio “to provide uniformity and consistency in the positions of all members of the family” .
The game on the reorganization of Delfin and family balance is just beginning, but it could have an impact on the Group’s results and the market is aware of the point that this morning in Piazza Affari the title is not could make money and after twenty minutes opened with a calod and 9.5%. In the morning, then, is arrivvato also cut the rating by Equita Sim to “hold” (hold), with a target price which goes from 45 to 40 euro. “After the release of Andrea Guerra in September – wrote analysts at Equita – the news output also Cavatorta, highly respected manager and had to ensure a smoother transition to the new governance structure and management, is negative. Despite a very solid performance of the business, we are concerned that the uncertainty in the structure of top management
and the release of two important figures can lead to some defocusing of the group in the coming months. ” At the moment the Luxottica Group shares yield 7.5%.
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