Luxottica is losing its second CEO in just two months. Just 40 days into the job, Enrico Cavatorta has resigned as chief exec. Cavatorta took over after previous longtime CEO Andrea Guerra stepped down from the position. Cavatorta was previously the company’s CFO. Prior to Luxottica, Cavatorta worked as the group controller for motorcycle company Piaggio SpA and has also held roles at McKinsey & Co. and Procter & Gamble Italy.
According to The Wall Street Journal, the shuffle from Guerra to Cavatorta was meant to give a more prominent role to founder Leonardo Del Vecchio, but arguments between Del Vecchio and Cavatorta over the scope of Cavatorta’s role were said to be at the root of the resignation. Guerra was also said to have resigned over conflicting views about the company’s management. The 79-year-old Del Vecchio’s revived role in the company came after a decade of being “virtually out of the company” according to WSJ. Cavatorta was originally meant to serve as a co-CEO, with another CEO planning to be hired within a few months. Luxottica, which makes eyewear for just about every major fashion label and owns Ray-Ban and Oakley, saw shares fall 10 percent this morning in Milan.
