Luxottica shares slumped nine per cent yesterday after the world’s largest eyewear company stunned investors with the resignation of its second chief executive in just over a month.
The Ray-Ban owner said Enrico Cavatorta has handed in his notice just six weeks after the surprise exit of his predecessor Andrea Guerra following a decade at the helm.
Luxottica provided no explanation for Cavatorta’s decision. However, he is understood to be quitting following differences with the company’s 79-year-old founder, Leonardo del Vecchio.
Cavatorta, Luxottica’s chief finance officer since 1999, was promoted to co-chief executive in September as part of a new management structure that envisaged having a second chief executive to oversee markets.
His appointment was seen as a relatively smooth transition given his experience with the company and investors and hoped that Luxottica would continue on the path that had helped it more than double sales during Guerra’s 10-year tenure to €7.3bn (£5.76bn).
“Cavatorta’s resignation leaves us concerned about Luxottica’s future and the majority shareholder’s real intention regarding management independence,” Deutsche Bank said in a note.
Del Vecchio proposed that chief operations officer Massimo Vian be appointed its new co-chief executive at a special board meeting convened yesterday.