EssilorLuxottica and Delfin Settle Governance Dispute to Accelerate Integration
EssilorLuxottica and Delfin S.à.r.l., the company's largest shareholder, have reached a settlement agreement to resolve governance issues and facilitate the group's integration process.
Charenton-le-Pont, France – EssilorLuxottica and Delfin S.à.r.l. have signed a settlement agreement to address governance disputes and establish a foundation for renewed collaboration. The agreement resolves all existing claims between the parties, including a previously filed arbitration request by Delfin.
Under the terms of the agreement, Leonardo Del Vecchio and Hubert Sagnières have empowered Francesco Milleri (EssilorLuxottica Deputy Chairman and Luxottica Group CEO) and Laurent Vacherot (Essilor International CEO) with responsibility for developing and implementing the group's strategy and integration process. They are tasked with accelerating the simplification and integration of the two operating companies within the next 12 to 24 months.
The agreement also involves the appointment of key executives to the group's central functions. Laurent Vacherot has been appointed as a Director of EssilorLuxottica, replacing Bernard Hours. The board confirmed the ongoing search for a new CEO, with Milleri and Vacherot stating they are not candidates for the role.
As a result of the settlement, all current claims will be waived, and legal proceedings, including the arbitration, will be terminated. Valoptec, which had proposed additional director appointments, will withdraw one proposal and vote against others concerning new board members.
The settlement is expected to streamline EssilorLuxottica's operations and unlock further potential for growth in the global eyewear and eye care markets.