- Board approves simplification of management structure
- Maker of Ray-Bans posted $9.6 billion in sales for 2015
Luxottica Group SpA said co-Chief Executive Officer Adil Mehboob-Khan resigned, to be replaced by founder Leonardo Del Vecchio, as the board of directors approved a simplification of its structure, the company said in a statement late Friday.
Adil Khan, a former Procter & Gamble Co. executive, took the helm of the world’s largest maker of eyeglasses in October 2014, after the company had lost its second chief in little more than a month. Massimo Vian will continue in his role as CEO for product and operations while Del Vecchio assumes the role of executive chairman.
“At the end of February, Adil Khan is leaving his role as CEO for markets and board member of Luxottica after a productive year,” the company said. Luxottica, which reiterated that the choice was taken without conflict, added that Khan’s profile and international experience enabled him to contribute to excellent 2015 financial results and to the simplification process started across businesses and geographies in late 2014. Khan is to be paid a redundancy incentive equal to a gross total amount of 7 million euros ($7.6 million).
Luxottica, maker of Ray-Ban glasses, also reported sales figures. Revenue for 2015 rose 4.3 percent to 8.84 billion euros, trailing an average 8.94 billion-euro estimate.