Luxottica Appoints P&G’s Mehboob-Khan as Co-CEO of Markets

Luxottica Group SpA named Procter & Gamble Co. executive Adil Mehboob-Khan as a co-chief executive officer, the week after the company lost its second leader in little more than a month

Mehboob-Khan, who has been with P&G since 1987 and currently runs the Cincinnati-based company’s global salon brand, is expected to join the Ray-Ban maker next year, the Milan-based company said in a statement today. Massimo Vian, appointed last week as co-CEO of operations, will have all executive responsibilities until Mehboob-Khan joins.

“The ideal combination of Adil Khan and Massimo Vian will allow the Group to better manage an increasingly complex global market, though one which offers great opportunity,” company founder Leonardo Del Vecchio said in a interview.

Luxottica, the world’s largest maker of eyeglasses, is in the midst of boardroom upheaval after former CEO Enrico Cavatorta resigned following disagreements on the current governance structure. That came on the heels of Andrea Guerra’s resignation in September after a decade at the helm.

With the appointments, “our strategic vision does not change,” Del Vecchio said. Given the internal appointment of Vian, Mehboob-Khan “will bring fresh energy and a depth of experience to the management team.”

Luxottica shares have lost 2.3 percent of their value this year, giving the company a market capitalization of 18.3 billion euros.

Frenchman Patrice Louvet, a group president who joined P&G in 1989 and currently runs the company’s global grooming business, will succeed Mehboob-Khan, P&G spokesman Paul Fox said. Louvet oversaw the introduction of new products such as Gillette’s $11.49 FlexBall razor with a rolling head, designed to ride the contours of a man’s face.

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