×
127
Fashion Jobs
PUMA
Junior Manager go-to-Market Operations Nordic
Permanent · Solna
PUMA
Senior Key Account Manager Running Nordic
Permanent · Solna
PUMA
Senior Marketing Manager Cobra Puma Golf Europe
Permanent · Solna
PUMA
Strategic Key Account Manager Pure Players
Permanent · Solna
LEVI'S
Key Account Manager
Permanent · Stockholm
H&M
Global Head of Marketing h&m Sport
Permanent · Stockholm
H&M
Project Leader For Material Certification And Material Trademark Within Group Compliance
Permanent · Stockholm
H&M
Art Director – h&m Group Communications
Permanent · Stockholm
H&M
Data Analyst to Predictive Analytics Team @h&m Business Tech
Permanent · Stockholm
H&M
Data Analyst to an Inventory Optimization Team in Business Tech
Permanent · Stockholm
H&M
Business Minded Data Specialist to h&m Group
Permanent · Stockholm
H&M
Scrum Master (Service Now) to Support And Operations Toolings Team at h&m Business Tech
Permanent · Stockholm
H&M
we Are Looking For Business Intelligence Analysts to Group Expansion, h&m
Permanent · Stockholm
H&M
Business Intelligence Analyst
Permanent · Stockholm
H&M
Cyber Security Trainer
Permanent · Stockholm
H&M
Security Advisor
Permanent · Stockholm
H&M
h&m is Looking For a Business Expert For Allocation Precision
Permanent · Stockholm
H&M
Data Analyst to Allocation Precision Team to Business Tech
Permanent · Stockholm
H&M
Data Analyst to h&m Business Tech - Payments Area
Permanent · Stockholm
H&M
Business Intelligence Analysts
Permanent · Stockholm
H&M
Solution Architect in Partner Connectivity Team Within Business Tech
Permanent · Stockholm
RITUALS
Wholesale Trainer Coordinator
Permanent · Stockholm
By
Reuters
Published
Mar 31, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

EssilorLuxottica says Essilor CEO to retire; halts dividend on AGM delay

By
Reuters
Published
Mar 31, 2020

EssilorLuxottica is suspending its dividend due to the coronavirus pandemic, it said Monday, adding its annual shareholder meeting has been delayed and its Essilor chief executive officer, Laurent Vacherot, is to retire.

Laurent Vacherot - EssilorLuxottica


Companies in France and elsewhere have come under pressure from unions and governments to forego shareholder payouts to save up cash to weather the crisis, particularly when they are considering taking some form of state aid.

EssilorLuxottica last week scrapped its financial guidance and warned of a hit to second-quarter profit due to the outbreak, adding it was putting some investments on hold as it halted production at selected sites.

The eyewear company, formed in 2018 as a merger between French lens manufacturer Essilor and Italian spectacles maker Luxottica, also said on Monday that Laurent Vacherot, Chief Executive of Essilor, was retiring.

Paul du Saillant, who was deputy CEO, will replace Vacherot as a director on the company’s board and also become Essilor CEO with immediate effect, EssilorLuxottica said.

Essilor and Luxottica’s merger was plagued from the start by rows over who should run the business. These culminated last year when Luxottica’s founder and largest shareholder of the new entity, Leonardo Del Vecchio, began an arbitration process.

This was soon abandoned, with the parties pledging to find a new chief executive by the end of 2020 at the latest.

Du Saillant will be given the same as mission as Vacherot had to pursue the integration of the two companies alongside Francesco Milleri, CEO of Luxottica, within the structure headed up by Del Vecchio, executive chairman, and Hubert Sagnieres, executive vice chairman.

EssilorLuxottica, which also owns brands like Oliver Peoples and Oakley, said its annual meeting would take place without any public on June 25 instead of May 15, mirroring other companies in putting off AGMs amid a broad coronavirus lockdown.

Earlier this month, the company had said the board would propose a dividend of 2.23 euros ($2.46) per share.

“The board decided to re-evaluate its previous decision on dividend distribution at a later date. At such later date, the board may decide whether to confirm, reduce or cancel dividends based on the evolution of the situation,” it said.

© Thomson Reuters 2022 All rights reserved.