Luxottica CEO Massimo Vian has been bought out of the remaining three months of his contract as the Italian eyewear company prepared to merge with French lens specialist Essilor.
Vian will receive a payment of €6.3 million (US$7.4 million) in addition to severance pay, including a €3 million payment guaranteeing he refrains from poaching Luxottica staff for any other business for two years.
“We have almost completed the group’s reorganisation and simplification process, which was started more than three years ago,” stated Luxottica’s founder and chairman, Leonardo Del Vecchio. “We are preparing for major opportunities ahead and approaching with the best set-up, a new chapter in our history with our French partners at Essilor.”
Del Vecchio and deputy chairman Francesco Milleri will take over Vian’s responsibilities with Milleri becoming CEO.
Vian started his career with Luxottica as an engineer in 2005.
“We thank Massimo for his contributions over the past 13 years,” said Vecchio. “He brought passion and energy to defining a modern and innovative operations organisation. Thanks to him today, Luxottica has a strong team of managers who share the same focus on quality and innovation.”
Vian described it as “a real privilege” to grow internally within the group, working side by side with great men and women, and year after year to achieve extraordinary results.
“I leave the office close to the expiration of my term, aware of my contribution and wish that the new chapter of the great history of Luxottica will continue to be rich and full of successes.”