EssilorLuxottica: Zappia to Del Vecchio Jr, the succession plan is clear

(Il Sole 24 Ore Radiocor) - “The reports casting doubt on the stability of the leadership succession are completely unfounded and damaging to the company’s reputation and the professionalism of its managers. EssilorLuxottica is a listed company: succession is a matter of corporate governance, overseen by the board of directors and the appointments and remuneration committee.” This is how Andrea Zappia, chair of EssilorLuxottica’s Nomination and Remuneration Committee, responded to Leonardo Maria Del Vecchio’s criticism of CEO Francesco Milleri’s management. In an interview yesterday on RTL 102.5, Del Vecchio Jr emphasised that Milleri “was not appointed as a director of Delfin for life, but as a ‘steerman’ with the mission of identifying three young people over the course of these six years, to whom he could act as a mentor, and selecting one of them as his successor at EssilorLuxottica – something he has failed to do”. Zappia, on the other hand, emphasises that “there is a clear, well-defined and constantly updated succession plan for the roles of chief executive and deputy chief executive, as well as for all senior positions, which, in line with the founder’s vision, prioritises internal career progression and has already proven its soundness”. “The team supporting Francesco Milleri, which has just been strengthened, includes high-calibre managers who can continue to develop,” concluded Zappia. “It is in them, and in an organisation brimming with young people and talent of whom we are all very proud, that the company continues to invest.”

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