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EssilorLuxottica and Delfin sign settlement agreement

Christian Fernsby |
EssilorLuxottica announced that EssilorLuxottica and Deflin agreed upon a settlement agreement to overcome the governance issues and set the basis for a renewed start of profound collaboration between Essilor and Luxottica.

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The agreement settles any existing dispute among the parties.

The Board of Directors of EssilorLuxottica unanimously supported and approved this agreement aimed at immediately making the Group’s structure more efficient and effective from an operational standpoint.

The equal-powers governance, set forth in the Combination Agreement and the Board Rules, is remaining in place until the date of the shareholders’ general meeting to be called in 2021 to approve the financial statements for the year ended December 31, 2020.

According to the agreement:

Leonardo Del Vecchio and Hubert Sagnières empowered Francesco Milleri (Deputy Chairman - CEO of Luxottica Group) and Laurent Vacherot (CEO of Essilor International) with the responsibility to develop and implement the EssilorLuxottica strategy and integration process, accelerating the simplification of the new Group by integrating the two operating companies within the next 12 to 24 months.

Mr Milleri and Mr Vacherot approved the appointment of key executives for the Group’s central functions.

Mr Vacherot has been appointed as a Director of EssilorLuxottica, replacing Bernard Hours, who has asked to be relieved of his office. He will also become a member of the Board's Strategy Committee.

The Board confirmed the search for a new CEO. Francesco Milleri and Laurent Vacherot have informed the Board that they are not candidates for this position.

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