May 13, 2019 / 6:58 AM / 5 months ago

EssilorLuxottica says it has resolved governance dispute

PARIS, May 13 (Reuters) - Eyewear group EssilorLuxottica said it had resolved a dispute between its feuding French and Italian partners, and would push on in its search for a new chief executive and its aims to centralise various new corporate functions.

The resolution of the dispute will see both Franceso Milleri, from Luxottica, and Essilor’s Laurent Vacherot not apply to become new group chief executive.

EssilorLuxottica resulted from the 54 billion euro ($61 billion) merger last year of French lenses maker Essilor and Italian peer Luxottica, which were supposed to have equal weighting in the combined company’s leadership but had accuse each other of trying to dominate.

“I’m very pleased of this outcome. The industrial rationale of the combination is even stronger when looking at all the opportunities raised during the meetings of the Integration Committee. Today, respecting the equal power and the combination agreement, we have found a solution to better execute such strategic combination,” said Leonardo Del Vecchio, Executive Chairman of EssilorLuxottica.

$1 = 0.8900 euros Reporting by Sudip Kar-Gupta; Editing by Mathieu Rosemain

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