EssilorLuxottica is targeting a recovery in its business this year to levels seen before the COVID-19 crisis after the Oakley and Ray-Ban maker's fourth-quarter revenue showed further signs of improvement.
EssilorLuxottica is suspending its dividend due to the coronavirus pandemic, it said Monday, adding its annual shareholder meeting has been delayed and its Essilor chief executive officer, Laurent Vacherot, has retired.
EssilorLuxottica's shareholders have rejected the appointment of two new independent directors to the board of the Franco-Italian eyewear group, raising fresh doubts over whether a management crisis has been resolved.
EssilorLuxottica posted higher first-quarter sales and maintained full-year targets on Tuesday, just days ahead of an annual meeting where investors are expected to voice frustration over a leadership row at the firm.
French-Italian eyewear group EssilorLuxottica has hired two headhunters to search for a new chief executive officer in a bid to cool a conflict between its French and Italian partners over leadership of the company.
A row over who is in charge at EssilorLuxottica could drag on for over two years after the recently merged group’s executive chairman filed an arbitration request after alleged violations of a power-sharing agreement.
A proposal by EssilorLuxottica’s top shareholder and executive chairman to transfer some of its functions to Luxottica’s current CEO, is not in the merger agreement of the two companies, said Essilor on Wednesday.