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Essilor and Luxottica Iron Out Leadership Struggles

A new agreement ‘settles any existing dispute.’

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CHARENTON-LE-PONT, FRANCE – A new settlement agreement addresses governance issues and sets the basis for a “renewed start of profound collaboration” between Essilor and Luxottica.

The agreement “settles any existing dispute among the parties,” which completed a merger in October to form EssilorLuxottica, according to a press release. The organization has since been plagued by infighting among its leadership.

The agreement is between EssilorLuxottica and Delfin, holding company of Leonardo Del Vecchio, the top shareholder of EssilorLuxottica. It is “aimed at immediately making the Group’s structure more efficient and effective from an operational standpoint.”

According to the agreement:

  • Del Vecchio and Hubert Sagnières, who serves as vice chairman of the merged organization, empowered Francesco Milleri (deputy chairman – CEO of Luxottica Group) and Laurent Vacherot (CEO of Essilor International) to “develop and implement the EssilorLuxottica strategy and integration process, accelerating the simplification of the new Group by integrating the two operating companies within the next 12 to 24 months.”
  • Milleri and Vacherot approved the appointment of key executives for the group’s central functions.
  • Vacherot has been appointed as a director of EssilorLuxottica, replacing Bernard Hours, who has asked to be relieved of his office. He will also become a member of the board’s strategy committee.
  • The board confirmed the search for a new CEO. Milleri and Vacherot have informed the board that they are not candidates for the position.

As a result of the agreement, all existing claims will be waived and legal proceedings will be terminated, including the request for arbitration filed by Delfin before the International Court of Arbitration of the International Chamber of Commerce on March 27.

In light of this agreement, Valoptec decided that it will withdraw the proposal submitted on April 18 for the appointment of one additional director of EssilorLuxottica. It will vote against the proposals submitted by certain institutional investors for the appointment of two additional directors, according to the release.

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“The representative of Valoptec at the Board of EssilorLuxottica will integrate the Strategic and the Integration Committees of the Company,” according to the release.

“I’m very pleased of this outcome. The industrial rationale of the combination is even stronger when looking at all the opportunities raised during the meetings of the Integration Committee,” said Del Vecchio, executive chairman of EssilorLuxottica. “Today, respecting the equal power and the Combination Agreement, we have found a solution to better execute such strategic combination.”

Sagnières said, “With these decisions driving to a more unified company, EssilorLuxottica is well positioned to accelerate its growth in order to achieve its mission: to help people around the world to see more, be more and live life to its fullest by addressing their evolving vision needs and personal style aspirations.”

Since launching in 2014, INVISION has won 23 international journalism awards for its publication and website. Contact INVISION's editors at editor@invisionmag.com.

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LASIK Should Be Banned, Says FDA Adviser

He regrets voting to approve the treatment.

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A retired U.S. Food and Drug Administration adviser says LASIK eye surgery should be removed from the market.

Morris Waxler voted to approve to treatment, but now wishes he hadn’t, CBS News reports. He has re-examined the data.

“Essentially we ignored the data on vision distortions that persisted for years,” he told CBS.

His analysis suggests that 10 percent to 30 percent of patients experience complications. He asked the FDA in 2011 to issue a voluntary recall of the treatment, but the FDA declined to do so.

The FDA recently told CBS that it “has not found any new safety concerns associated with LASIK devices.”

CBS News quoted several patients saying they’d been harmed by LASIK.

Abraham Rutner, for example, said that he had double vision and that “around the lights [was] like having starbursts.” He notes, however, that his vision is improved by approximately 90 percent.

Experts say pre-surgical screening is crucial to avoiding LASIK complications.

The key lies in “knowing who to operate on and who not to operate on and there are people who really should not have this procedure,” Dr. Jules Winokur told CBS News.

The FDA has issued an advisory on risks and how to find find the right doctor for LASIK.

Read more at CBS News

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Video: Adorable Cat Melts Hearts By Trying on Eyewear for Children

Kids see that ‘if she can wear hers, they can wear them too.’

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A rescue cat in Pennsylvania is getting attention for her role in making children feel comfortable with their eyeglasses.

Truffles happily wears brightly colored frames to set a good example for the young patients of A Child’s Eyes in Mechanicsburg, the Daily Mail reports.

“If a child is feeling a bit nervous I ask Truffles if she wants to show them her glasses,” says Danielle Crull, owner of the business. “When they see Truffles wearing them it’s a really good thing and shows that if she can wear hers, they can wear them too.”

A video of the cat trying on eyewear has been viewed millions of times.

Watch the video:

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Several Eyecare Drugs in Short Supply, FDA Says

They include staple items.

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Thirteen ophthalmic drugs or products are currently in a state of shortage, according to the U.S. Food and Drug Administration.

They include solutions, ointments, emulsions, suspensions and injections, the American Optometric Association reports. Another four ophthalmic products were recently discontinued altogether.

The FDA claims in a new report that older, lower-cost drugs face supply troubles far more often than brand-name options, AOA reports. Among the ophthalmic drugs or products in shortage are staple items such as fluorescein strips and solutionsdilation dropsglaucoma medicationsantibiotics and antivirals.

According to AOA:

Published Oct. 29 by an FDA-convened inter-agency Drug Shortages Task Force, the report, “Drug Shortages: Root Causes and Potential Solutions,” analyzed 163 drugs that went into shortage from 2013 to 2017 and found the majority were “financially unattractive drugs” for manufacturers. Of the 163 drugs, 109 (67%) had generic versions on the market and had a median time since first approval of nearly 35 years. So many years off patent, these drugs sold for a median per unit price of only $8.73, the FDA notes.

AOA Chief Public Health Officer Michael Duenas, OD, said, “A doctor of optometry, in their public health role, should monitor services and needed supplies to determine that they are useful and accessible to all individuals within their community who may need that particular service or supply. Doctors of optometry are encouraged to report deficiencies to the AOA and agencies overseeing shortages, such as FDA’s Center for Drug Evaluation and Research (CDER) Drug Shortage Program at drugshortages@fda.hhs.gov.”

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