Chief Executive of Luxottica (NYSE:LUX), Andrea Guerra Resigns, 3 Top Managers Likely to Take Over the Position

The CEO of Luxottica (NYSE:LUX), Andrea Guerra recently had an argument with the president of Italian Eyewear Group, Leonardo Del Vecchio. This clash resulted in resignation of Guerra on Monday. It is said that three top managers will be chosen as a substitute.

According to statement by Luxottica (NYSE:LUX) the company will be directed by not one but two Chief Executive Officers. One of them will be the company’s recent chief administrator and general manager, Enrico Cavatorta. The selection of second person is in progress too. The second chief executive is going to be responsible for markets.

For handling the operations, the third executive will be Massimo Vian.

Leonardo Del Vecchio, 79 years of age, has 61% of shares in Luxottica (NYSE:LUX). This is the reason why he will get a major part to play in the company now. Vecchio will be given the charge of the executive committee that is responsible for the company’s operations.

Since 2004, Andrea Guerra was leading Luxottica (NYSE:LUX). He was given a huge part of the credit that turned Persol Sunglasses and Ray-Ban. A deal by signed by these both to distribute and design Google Glass.

Andrea Guerra also helped Luxottica’s (NYSE:LUX) shares to reach a market value greater than 19 billion euros. His leadership increased the sales two times and it went to 7.3 billion euros.

According to rumors, the clash between Guerra and Del Vecchio happened two weeks ago. According to the company’s statement, the disagreement happened as a result of their discussion on the company’s future.

Del Vecchio, however, discussed the matter openly with the press. He said that they did not see eye to eye on the subject of the company’s future; both of them had different perspectives and ideas and completely different views. He also revealed that the company will now be led by three CEO’s instead of just one. He is optimistic for the company’s growth and expects a profit of 7% a year.

In another statement, it was stated that the company would give Guerra 11.4 million euros including the normal division pay.

Since 1999 Cavatorta has been the chief financial officer of the company. He came from a scooter making company Piaggio. He is considered a skilled executive and has extensive knowledge of the company. In 2011, he became Luxottica’s (NYSE:LUX) general manager.

An analyst of Berenberg, Bassel Choughari commented on Cavatorta saying that Cavatorta is well aware of the company and the people working in it, he is always ready for anything.

After Guerro’s resignation, stockholders are predicting that Vecchio’s participation in the company will result in a positive development for the company. Another analyst stated that investors believe in Del Vecchio and Luxottica (NYSE:LUX). Even under Guerra’s leadership, Vecchio was well aware of the company’s strategies. When all seems well for the company the main problem is the idea of choosing a successor to Dell Vecchio, which according to analysts might pose a problem.

According to a source, it is predicted that Del Vecchio will step back from the company’s matters once the selected three managers take on their responsibilities. However, there are chances that his son might take over.