MILAN (AP) — 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 percent Tuesday to 36.20 euros ($45.82), following a 9 percent contraction Monday. Luxottica owns the Ray-Ban and Oakley brands and produces eyewear for a number of fashion houses.