Luxottica CEO leaves group ahead of merger with Essilor

Reuters

MILAN (Reuters) - Italian eyewear group Luxottica (LUX.MI) said on Friday Chief Executive Massimo Vian would leave the group, strengthening the powers of founder and Chairman Leonardo Del Vecchio ahead of a merger with France's Essilor (ESSI.PA).

Ray-Ban maker Luxottica said Vian would step down three months before the expiry of his term. Vian's responsibilities will be handed over to both Del Vecchio and Deputy Chairman Francesco Milleri, a close aide of Del Vecchio, who would also take on the position of CEO.

Vian will be paid a gross total amount of 6.3 million euros (£5.6 million) on top of severance pay, a separate company statement said.

Luxottica, which has been going through a string of changes at the top since Del Vecchio took back the reins of the group in 2014, said the decision was part of a reorganisation and simplication process as it prepares for the 46 billion euro tie-up with lens maker Essilor.

(Reporting by Giulia Segreti; editing by Valentina Za)