Peace made between the top management of EssilorLuxottica after months of tension and quarrels. The two souls of the Italian-French company have signed an agreement that resolves disputes relating to governance and lays the foundations for a "renewed collaboration between the parties", reads the note which underlines that the agreement also surpasses the arbitration required by Delfin to the International Arbitration Tribunal of the International Chamber of Commerce last March 27 in order to ascertain any violations on the integration committed by the vice president of the post-merger French company, Huiber Sagnieres and thus obtain an injunction to respect the agreements until their expiry.
"The Board of Directors of EssilorLuxottica chaired by Leonardo Del Vecchio and Hubert Sagnieres - continues the note - supported and unanimously approved the agreement, aimed at making the Group immediately operational in a more efficient and effective way".
In detail it is expected that peer governance envisaged by the merger remains in force until the shareholders' meeting to be held in spring 2021.
In parallel, Leonardo Del Vecchio and Hubert Sagnieres have delegated some powers to Francesco Milleri (Vice President - Chief Executive Officer of Luxottica Group) e Laurent Vacherot (Chief Executive Officer of Essilor International) entrusting them with the responsibility of implementing EssilorLuxottica's integration strategy and processes, accelerating the simplification of the new Group through the integration of the two operating companies within the next 12-24 months.
Laurent Vacherot becomes director in place of Bernard Hours, as well as a member of the board's strategic committee. The latter confirmed the search for a new CEO. Neither Milleri nor Vacherot will be among the candidates.
"I am very happy with this deal. The industrial rationale of the combination is even stronger in light of the many opportunities that emerged during the integration committee meetings. Today, respecting the principle of 'equal powers' and the combination agreement, we have found a solution to achieve this strategic integration”, commented Leonardo DelVecchio, Executive Chairman of EssilorLuxottica.
Same tone from Hubert Sagnières, vice president of the Italian-French group: “With these decisions that lead to a more cohesive society, EssilorLuxottica will be able to accelerate its growth and achieve its mission: to help people all over the world to see better, live better and enjoy life to the fullest, giving response to the ever-evolving needs for vision correction and the expression of a personal style”.
The news was welcomed by investors and on the Paris Stock Exchange title EssilorLuxottica travels up by 2,77% to 113,25 euros against the fall of the Cac 40 (-0,5%).
