ESLOY Essilor Luxottica (PK)

--In an interview with Le Figaro, EssilorLuxottica's chairman and top shareholder, Leonardo del Vecchio, accuses Hubert Sagnieres, vice-chairman of the company and chief executive of Essilor, of breaking a 2017 combination agreement stipulating they must take decisions jointly at the company created last October from the merger of Essilior and Luxottica.

--Starting in January 2018, Mr. Sagnieres named four key managers--all from Essilor--along with whom he attempts to run the company, the founder of Luxottica tells Le Figaro.

--Mr. Del Vecchio denies proposing Francesco Milleri, his ally and chief executive of Luxottica, as chief executive of the new company, and says a headhunter hasn't been hired to look for a CEO yet because he and Mr. Sagnieres aren't able to agree on the required qualities.

--Mr. Del Vecchio's interview with Le Figaro reveals the extent of the rift between Essilor and Luxottica, rumors of which have worried investors over the past few months and hit EssilorLuxottica's shares, which have slid 18% since the merger took effect in October.

Full story in French (paywall): https://bit.ly/2YbrXZ3

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(END) Dow Jones Newswires

March 21, 2019 03:40 ET (07:40 GMT)

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