Del Vecchio Boosts EssilorLuxottica Grip With Board Nominee

(Bloomberg) -- Leonardo Del Vecchio, the billionaire founder of EssilorLuxottica SA, consolidated his grip on the company Wednesday as the board nominated his aide, Chief Executive Officer Francesco Milleri, as a member of the governing body.

The move comes as Del Vecchio, the chairman and largest shareholder, is poised to gain more influence over the Franco-Italian company this year due to the expiration of restrictions on his voting rights.

The maker of Ray-Ban sunglasses said in December it was appointing Milleri CEO until this year, resolving a management dispute. Milleri’s nomination to the board may help clear the way for a longer-term confirmation of that role.

EssilorLuxottica was formed in the 2018 merger of France’s Essilor and Italy’s Luxottica.

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