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Stock Market & Financial Investment News

News Breaks
August 20, 2014
06:31 EDTLUXLuxottica says chairman, CEO discussing strategy for awhile, Reuters says
Luxottica said CEO Andrea Guerra and chairman Leonardo Del vecchio have been discussing the optimum strategy for the company for awhile after press reports were issued that Guerra is looking to exit the firm, according to Reuters, citing a statement from the Italian company. Reference Link
News For LUX From The Last 14 Days
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October 23, 2014
06:25 EDTLUXLuxottica announces arrival of co-CEO for Markets Adil Mehboob-Khan
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October 22, 2014
12:09 EDTLUXLuxottica to name P&G executive as co-CEO, Bloomberg says
Eyeglass maker Luxottica (LUX), which is in the midst of a boardroom upheaval, will name Procter & Gamble (PG) executive Adil Mehboob-Khan as a co-CEO, says Bloomberg, citing people familiar with the matter. Reference Link
October 13, 2014
17:53 EDTLUXLuxottica accepts Cavatorta resignation, Del Vecchio to be interim CEO
Luxottica Group announced that the board of directors accepted the resignation of Enrico Cavatorta from the board following disagreements on the current governance structure. Roger Abravanel resigns from the board of directors for the same reasons. The Chairman Leonardo Del Vecchio takes on the executive responsibilities ad interim while the co-CEO of Markets selection process is being finalized, based on a high profile list of candidates. The appointment of Massimo Vian as co-CEO of Operations and Product will take place together with the appointment of the co-CEO of Markets. The board acknowledged the Group performance of the third quarter, which shows a strong free cash flow generation, sales growth in line with the first half of the year at constant exchange rates and an expected increase in net income of approximately 10%. Reference Link
05:30 EDTLUXLuxottica downgraded to Neutral from Buy at Citigroup
October 12, 2014
17:47 EDTLUXLuxottica CEO Enrico Cavatorta intends to submit resignation
Luxottica announces that a meeting of the Board of Directors has been called for tomorrow, Monday 13th October, following the intention expressed by Enrico Cavatorta to submit to the Board his resignation as CEO of the company. The Chairman will propose that the Board appoint Massimo Vian, current COO, with the mandate of co-CEO for Operations and Product, and to entrust him on an interim basis with responsibility for Corporate Functions and Markets. If approved, all business functions and related responsibilities will consequently be under the exclusive responsibility of the two co-CEOs. The company also confirms that the search process for a co-CEO for Markets is progressing, based on a high profile list of candidates. In light of the solid results achieved also in the third quarter, Luxottica is in a position to take the necessary time to execute this search, in order to ensure that the best decision is made for the company. Reference Link

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