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Luxottica appoints new CEO

As Luxottica Group S.p.A.’s Andrea Guerra steps down as chief executive officer, the company immediately announced the appointment of Enrico Cavatorta as the new CEO, which it said was in accordance with the company’s succession plan.

The company, which specializes in the design, manufacture, distribution and sale of fashion, luxury and sports eyewear, also announced a new co-CEO leadership structure.

Cavatorta, current General Manager and CFO of the Group, was appointed CEO of Corporate Functions and also named as Interim CEO of Markets, pending the appointment of a permanent executive to this position.

The forthcoming appointment of an external co-CEO will introduce fresh energy and expertise in an important phase of evolution for the Group.

The evolution to a co-CEO leadership structure with distinct and complementary responsibilities will ensure stronger management of the Group, which has rapidly increased its size, complexity and global presence in recent years.

Cavatorta, was appointed CEO of Corporate Functions. He was also named as Interim CEO of Markets, pending the appointment of a permanent executive to this position.  

"This new organizational structure will support a new phase of development for Luxottica that is consistent with its strategic vision and will allow it to take advantage of opportunities in a competitive global market of growing complexity and changing competitive dynamics," the company said in a statement.

The new structure is also expected to enable the Group to benefit from the structural growth drivers in the eyewear industry and better oversee its long-term development with renewed vigor and expertise.

Leonardo Del Vecchio, Chairman of the Board and the original inspiration behind the strategic vision of the Group, will ensure a smooth organizational transition, overseeing the Board and supporting further success.

“I thank Andrea Guerra for the contribution he has made over the years to the growth of Luxottica,” said Leonardo Del Vecchio, Chairman of the Board, Luxottica Group.