×
68 059
Fashion Jobs
BLOOMINGDALE'S
Outlet Keyholder Selling, Full Time - Merrimack
Permanent · Merrimack
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - Soho
Permanent · New York
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - Chestnut Hill
Permanent · Newton
BLOOMINGDALE'S
Asset Protection Outlet Associate, Part Time - Dolphin Mall
Permanent · Miami
OLD NAVY
Assistant Manager, Customer Operations - Butler Plaza West
Permanent · Gainesville
MACY'S
Asset Protection Detective, Southshore - Part Time
Permanent · Bay Shore
MACY'S
Asset Protection Detective, st Clair Square - Full Time
Permanent · Fairview Heights
MACY'S
Asset Protection Detective, Parkchester - Part Time
Permanent · Bronx
MACY'S
Asset Protection Detective, Parkchester - Full Time
Permanent · Bronx
MACY'S
Asset Protection Detective, Aventura - Full Time
Permanent · Aventura
MACY'S
Asset Protection Detective, Fairfield Solano - Part Time
Permanent · Fairfield
MARSHALLS
lp Detective Albuquerque
Permanent · Albuquerque
TJ MAXX
Loss Prevention Detective
Permanent · Pittsfield
MARSHALLS
Loss Prevention Detective
Permanent · Memphis
TJX COMPANIES
Product Manager i, Corporate Solution Delivery
Permanent · Marlborough
TJ MAXX
Loss Prevention Detective
Permanent · Bridgehampton
OLD NAVY
General Manager - Interstate sc Ramsey
Permanent · Ramsey
LULULEMON
Assistant Manager, Operations | Bloomfield Ave, Montclair
Permanent · Montclair
LULULEMON
Assistant Manager, Operations | Grayton Beach
Permanent · Santa Rosa Beach
LULULEMON
Assistant Manager, Operations | Boca Town Center
Permanent · Boca Raton
ROSS STORES
Security Engineer i (Network Security)
Permanent · Dublin
MACY'S
Asset Protection Security Guard, Santa Anita - Standard Part Time
Permanent · Arcadia
By
Reuters API
Published
May 16, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

EssilorLuxottica shareholders rebuff new independent directors

By
Reuters API
Published
May 16, 2019

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.


Archives/Reuters/A. BIANCHI



Minority shareholders had hoped to see Wendy Lane and Jesper Brandgaard, presented as experienced directors with knowledge of sensitive governance issues, join the board on Thursday.

But the resolution to appoint Lane was rejected with a majority of 56.2 percent, while the one to appoint Brandgaard was rejected with a majority of 65.74 percent.

The board had advised shareholders to reject the proposals ahead of the annual meeting on the grounds that new appointments would jeopardise the balance of the current board, which has an equal number of members from both sides.

"We are very disappointed. And I fear the disagreements could resurface," Denis Branche, managing director with asset manager Phitrust, an EssilorLuxottica shareholder, told Reuters.

Shares in Essilor, which have been under pressure in recent months, were up 0.88 percent at 1514 GMT.

French firm Essilor and Italy's Luxottica are supposed to have equal weight in the combined group's leadership until 2021, but the French and Italians have accused each other of trying to dominate the 54 billion euro ($60 billion) alliance.

The group's top executives, Italy's Leonardo Del Vecchio and France's Hubert Sagnieres, attempted to put tensions behind them on Thursday, saying the best was yet to come and touting bi-monthly meetings of working groups focused on the merger.

Integration teams have so far identified some 20 projects to help streamline the merger, ranging from research and development to retail and marketing.

"EssilorLuxottica continues to operate and to take important decisions. The first quarter results were outstanding," Sagnieres told reporters.

Earlier this month, the company posted higher first-quarter sales and maintained full-year targets.

CEO SEARCH CHALLENGING

EssilorLuxottica took the first steps to ease tensions on Monday with the appointment of two senior executives to speed up the merger and ensure 'synergies' are delivered on time. A new chief executive is to be hired by the end of 2020.

"EssilorLuxottica has perhaps not shown the best of itself, but this week's agreement marks a new beginning," said Laurent Vacherot, chief executive of Essilor, at Thursday's meeting.

However, Del Vecchio, Luxottica's founder and the largest shareholder in the new entity, described the search for a new CEO as "challenging", in another sign that the drama at the very top was not over yet.

Two headhunters are currently looking for candidates, although Del Vecchio said he favoured internal talent.

"We don't want a banker or a lawyer to pilot this complex group, that will not work," he said.

Tensions over the merger first arose in November 2018, a month after the deal was finalised, when Del Vecchio appeared to tap his right-hand man, Luxottica chief executive Francesco Milleri, as the next group CEO.

Although Milleri and Vacherot have been given more powers this week, they both said they would not run for the top job.

© Thomson Reuters 2022 All rights reserved.