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Luxottica Slumps in Milan as New CEO Quits

By
  • Bloomberg

MILAN, Italy — Luxottica Group SpA, the world's largest eyewear maker, slumped in Milan trading after losing its second chief executive officer in little more than a month.

The shares fell as much as 10 percent to 36.86 euros, the steepest intraday drop since Oct. 27, 2008. They traded at 37.27 euros as of 9:26 a.m. in Milan.

Enrico Cavatorta, who was appointed co-CEO last month following the departure of Andrea Guerra, plans to submit his resignation, Milan-based Luxottica said late yesterday. The company’s board is due to meet today to discuss the situation.

Recent events mean Luxottica “may struggle to attract strong candidates with an international background for the, as yet unfilled, role of co-CEO,” Mauro Baragiola, an analyst at Citigroup Inc. in Milan, said in a note today.

Following the Sept. 1 resignation of Guerra, Cavatorta became part of a three-strong leadership team that included founder Leonardo Del Vecchio. The company has been seeking to appoint another co-CEO from outside Luxottica.

By Paul Jarvis; editors: Celeste Perri, Kim McLaughlin.

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