Luxottica CEO Quits After Six Weeks, Shares Tank

Enrico Cavatorta is out at Italian eyeware company Luxottica after a six-week stint as the company’s co-CEO.

Luxottica shares opened 10% lower in Milan, though the price has recovered somewhat over the course of the day. At last check it was down 3.27 points to 37.81 euros (about 8%).

Luxottica is the maker of Ray-Ban and Oakley sunglasses. Cavatorta was appointed co-CEO in September after his predecessor, Andrea Guerra, unexpectedly resigned.

According to the Wall Street Journal, Cavatorta “resigned over disagreements with company founder Leonardo Del Vecchio, as the two had conflicting views over the scope of Mr. Cavatorta’s powers…”

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at