A power struggle unfolds at newly formed eyewear company Essilor Luxottica

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Luxottica’s Leonardo Del Vecchio, who is the new company’s largest shareholder, has accused Essilor executives of violating the agreement that made the merger possible. Del Vecchio claims that Hubert Sagnières, Essilor’s CEO, is managing the company without input from Luxottica and “is acting as if Essilor bought Luxottica.” The investor agreement between the two companies ensures equal board representation between Luxottica and Essilor until 2021, despite Del Vecchio being the largest shareholder thanks to a 31% stake.

The Wall Street Journal, Matthew Dalton,March 21st 2019

The Financial Times, David Keohane, March 22nd 2019