EssilorLuxottica—the company formed from the merger of Essilor and Luxottica—held its first official shareholders meeting yesterday in Paris, chaired by its executive chairman, Leonardo Del Vecchio, and executive vice chairman, Hubert Sagnières. At the meeting, it was announced that a search for a company CEO will begin in January 2019 as planned.
Reuters News reported that, at the meeting, board member Olivier Pecoux said in a statement made on behalf of the board: “The search for a new CEO will start in January 2019. The appointment of Luxottica CEO Francesco Milleri is not on the agenda.”
Also at the meeting, EssilorLuxottica shareholders approved several housekeeping business proposals submitted by the board:
1. Approval of the compensation policy applicable to the executive corporate officers.
2. Increase of the directors’ fees.
3. Ratification of the co-optation of Sabrina Pucci as director in replacement of Rafaella Mazzoli.
4. Board authorization to proceed with the purchase of the company’s own ordinary shares
5. Authorize the Board of Directors to reduce the share capital by cancelling company shares.
6. Delegation of authority granted to the Board of Directors for the purposes of deciding a capital increase reserved for members of a Company Savings Plan, without preferential subscription rights (ceiling of 0.5% of the share capital).
7. Authorize the Board of Directors to proceed with the award of free existing shares (also called performance shares).
8. Authorize the Board of Directors to grant stock-options giving right to purchase existing shares subject to performance conditions.
9. Authorize the Board of Directors to proceed with the award of free existing shares to certain Luxottica group employees, replacing cash retention bonuses previously promised to them by Luxottica.
10. Powers to carry out formalities.
Executive Chairman Leonardo Del Vecchio says: “I was honored today to open the first shareholders' meeting of EssilorLuxottica. I face my role with a great sense of responsibility and a desire to be able to be a point of reference for all the shareholders of our new Group, while generating growth, achieving synergies and creating value for them. From today we expect the important process of integration to have an emphasis on extreme simplicity and speed of execution, focusing the two operating companies in their respective areas of excellence: Luxottica in frames and Essilor in lenses.”
Executive Vice Chairman Hubert Sagnières adds: “I am delighted that the Group has taken a decisive step forward to further develop employee shareholding within the Group with the support of its shareholders. The involvement of employees has always been key to Essilor’s development and I am proud to see that our shareholders recognize the importance of this as a core feature of the new entity.”