Luxottica CEO could resign
Enrico Cavatorta, the recently appointed Chief Executive of the listed Italian eyewear company Luxottica, could resign, reported Il Sole 24 Ore, quoting unnamed sources. Cavatorta took over in September after his predecessor Andrea Guerra resigned.
The Italian language report quoted sources as saying that Cavatorta could resign on Monday, when Luxottica will have its board meeting, although this could take place already this weekend. The report also said some other board members could resign too.
Cavatorta has sold 550,000 shares at a price of EUR 40.69 per share for a value of EUR 22.379m to Delfin, the holding company of founder Leonardo del Vecchio, which controls 61% of Luxottica. The stock option sold was from 2009 when the share price was EUR 13.4 per share.
The report quoted representatives from Luxottica as saying that Cavatorta has not resigned and that the only board meeting being called is for 29 October. Cavatorta does not agree to the willingness of Nicoletta Zampillo, Leonardo’s wife, to introduce Francesco Milleri into Luxottica’s board. Under Nicoletta’s plan, Milleri would have been a co-CEO of Luxottica, which has a market cap of EUR 19bn.
Il Sole 24 Ore