Editing by Alexander Smith and Mark Potter. Du Saillant will work with Francesco Milleri, deputy chairman and ceo of Luxottica Group, to develop and oversee the group’s strategy and integration process. Everything You Need to Know About Luxottica and Essilor's $50 Billion Merger The deal creates a massive enterprise that will boast 140,000 employees, $16 billion of … Privacy Policy and PARIS — EssilorLuxottica has named Paul du Saillant chief executive officer of Essilor, replacing Laurent Vacherot who has abruptly retired. Du Saillant will also join the company’s board, the eyewear giant behind Sunglasses Hut and LensCrafter said Monday. Enter the website to find out how the board of directors is structured and to discover more about the board members of EssilorLuxottica. Hubert Sagnières, chairman and CEO of Essilor, now serves as EssilorLuxottica’s executive vice chairman with equal powers to those of the executive chairman. Luxottica, the biggest maker of spectacles, agreed in January to merge with the top lens manufacturer to create a 46 billion euro ($54 billion) group with a global shop network and brands from Ray Ban to Giorgio Armani and Burberry. View Gallery Du Saillant has been deputy ceo of Essilor since 2019 and was chief operating officer before that, since 2010. Sagnières, 62, told the Financial Times last week the group would look to hire a chief executive at some point. The Italian company Luxottica and French lens manufacturer Essilor agreed to merge in 2017 to create the world's largest eyewear group ... the CEO of Italy’s Luxottica, for the job. EssilorLuxottica, formed in 2018 a merger between French lens manufacturer Essilor and Italian spectacles maker Luxottica, said du Saillont has been promoted to director of the company in place of Laurent Vacherot, former CEO of Essilor International, who retired. Terms of Use. The move is part of a reorganization aimed at speeding up Essilor's integration with Luxottica “in order to build a more resilient, flexible and agile combined organization,” the company said in a statement. Twitter Permanently Bans Trump From Platform, Fashion Looks to Washington With Horror and Hope. “Sagnières has ruled himself out - as too old - which is a not too subtle indication that Del Vecchio is not in the game either,” EXANE said. Italy's Luxottica has parted ways with its fourth chief executive in three years as Chairman Leonardo Del Vecchio prepares the eyewear group he founded for a planned merger with France's Essilor. (Reuters) The appointment of the new CEO will be based on the principle of who is the “best fit for the job” and will be made by the end of 2020, EssilorLuxottica confirmed. See here for a complete list of exchanges and delays. EU regulators are set to clear the merger without asking for concessions, sources familiar with the matter said on Thursday. While Paul du Saillant, the CEO of Essilor, has been named deputy CEO of the company and also becomes chairman and CEO of Essilor International. Essilor shares gained as much as 19 percent while Luxottica … The current Board of Directors was elected at the Shareholders’ Meeting held on April 27, 2012 and will remain in office until the Shareholders’ Meeting approving the financial statements for the fiscal year ending on December 31st 2014. Formed in 2018 by the combination of France-based Essilor and Italy’s Luxottica, the 46-billion-euro merger has been fraught with challenges, including disputes between top managers of the French and Italian factions of the company in early stages of integration. Vian had remained as the only CEO after co-head Adil Mehboob Khan left in January 2016. CHARENTON-LE-PONT, France—Essilor (Reuters: ESLX.PA) announced that it has appointed Paul du Saillant as CEO, effective immediately. Del Vecchio and Sagnières keep their respective positions as executive chairman of Luxottica and CEO of Essilor International SAS. Vian had been appointed at the top within a dual-CEO structure put in place in October 2014, after Luxottica lost two bosses in six weeks due to frictions with Del Vecchio. Get all the top news stories and alerts straight to your inbox. An engineer who had joined in 2005, Vian will pocket a gross 6.3 million euros in addition to severance pay, Luxottica said. As of May 12, 2020. By subscribing, you agree to our Luxottica’s Executive Chairman, Leonardo Del Vecchio, would serve as Executive Chairman and CEO of EssilorLuxottica. Luxottica CEO exits eyewear giant ahead of Essilor merger Luxottica’s planned merger with France’s Essilor still needs antitrust approval in the US, China and Brazil. 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