The annual shareholders' meeting of Luxottica Group has elected a new board of directors, headed up by Leonardo Del Vecchio and composed of 14 members, to a three-year term, replacing the former nine-member board. A long-time executive of the group, Luigi Francavilla, was made deputy chairman.
The new members include the new joint chief executives of the company, Adil Mehboob-Khan and Massimo Vian. New on the board are interesting people like Karl Heinz Salzburger, vice president of VF Corporation and president of its international operations. VF is a big group whose brands include The North Face, Timberland, Vans, Lee and Wrangler.
Among the other members of the new board, Luigi Feola is president of Value Retail, Luciano Santel is chief operating officer of Moncler, Cristina Scocchia is the Italian country manager for L'Oreal, Andrea Zappia runs the Sky network in Italy, and Sandro Veronesi is the founder, president and chief executive of Calzedonia.
The appointments to the board were all taken from the majority list presented by Delfin, the holding company of Del Vecchio and his family. One of the directors, Marina Brogi, was elected from the minority list presented by a group of institutional investors.
Claudio Del Vecchio, son of the group's founder and chairman, is no longer on the board. Enrico Cavatorta, who left last October as joint chief executive of Luxottica after only six weeks in the job, is no longer on the board either. Same for Andrea Guerra, the former CEO.
Cavatorta has been appointed chief financial and corporate officer of Yoox, an Italian company which is merging with Net-a-Porter to form a big international online luxury goods retailing platform, the new Yoox Net-a-Porter Group. Cavatorta spent 15 years at Luxottica, starting as chief financial officer in 1999.