Luxottica shares performed well
in morning trading on the Milan stockmarket Thursday after the
board of directors unanimously named Adil Mehboob-Khan co-CEO of
the eyewear giant to work alongside Massimo Vian.
Shares in the maker of Ray Ban and Oakley brands rose by
2.5% to 39.1 euros on the news of Wednesday's appointment, made
with the blessing of Luxottica founder and president Leonardo
Del Vecchio.
Mehboob-Khan will be in charge of corporate functions and
markets, effective January 1.
Last week company shares fell by as much as 10% amid
controversy triggered by the announcement that Enrico Cavatorta
was stepping down as chief executive officer for operations and
products after only six weeks.
He had been appointed after the resignation of longstanding
CEO Andrea Guerra.
Vian, who formerly served as chief operations officer, was
appointed immediately to take his place.
Both Cavatorta and Guerra reportedly quit because of
disagreements with Del Vecchio, who has a majority stake in the
company.
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