EssilorLuxottica has clear succession planning for top roles, director says

By Reuters News

- EssilorLuxottica ESLX.PA has clear and strong succession plans for the role of chief executive and other senior executives, the head of the board's nominations committee at the French-Italian eyewear giant said on Tuesday.

His comments follow a radio interview by one of the heirs of late Luxottica founder Leonardo Del Vecchio, who complained about EssilorLuxottica CEO Francesco Milleri's alleged failure to lay the ground to be eventually replaced at the helm.

"Any reports casting doubt on the strength of the succession planning at the top are entirely unfounded and damaging to the company's image and to the professionalism of its managers," Andrea Zappia, who chairs EssilorLuxottica's nominations and compensation committee, said in a statement.

"There is a clear, well-defined and constantly updated succession plan for the roles of CEO and Deputy CEO and for all top positions, which, in line with the founder's vision, favors internal growth paths and has already proven its strength," Zappia added.

He added the management team supporting Milleri - who was Del Vecchio's closest aide and chairs the holding company that holds the family's EssilorLuxottica stake and other investments - had recently been reinforced and included "high-quality managers who can continue to grow".

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