STYLE

Luxottica founder takes over CEO role as stock tanks amid turmoil

10/14/2014 12:57 EDT | Updated 12/14/2014 05:59 EST
MILAN - The founder of the Luxottica luxury eyewear maker has taken over temporarily as CEO amid management turmoil that has tanked the company's stock.

The company said chairman Leonardo Del Vecchio will handle executive duties until two co-CEOs, one for operations and product, the other for markets, can be appointed together.

Luxottica has long been considered a successful example of a managerial transition within a family-owned company. That veneer started to crack with the exit of two CEOs in six weeks. The board accepted Enrico Cavatorta's resignation late Monday, citing "disagreements over the current governance structure."

Shares shed another 2.9 per cent Tuesday to 36.20 euros ($45.82), following a 9 per cent contraction Monday. Luxottica owns the Ray-Ban and Oakley brands and produces eyewear for a number of fashion houses.

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