Italian eyewear maker Luxottica has confirmed that its co-chief executive officer Adil Mehboob-Khan has resigned and will be replaced by founder Leonardo Del Vecchio, as the board of directors approved a simplification of its structure.
In a statement, Luxottica stated that Mehboob-Khan, who took the helm in October 2014, will be paid a redundancy incentive equal to a gross total amount of 7 million euros on top of severance benefits and outstanding bonuses.
Massimo Vian, previously co-chief executive officer in charge of products and operations, will stay on as the only CEO, while Del Vecchio will assume the executive responsibilities for Markets as executive chairman.
Luxottica switched to a two-chief executive structure at the end of 2014 following the exit of two CEOs in as many months, which were reported to do with disagreements with Del Vecchio.
The news comes as Luxottica, which distributes and sales fashion, luxury and sports eyewear including Ray-Ban, reported a 17 percent rise in 2015 revenues to 9 billion euros as a strong dollar lifted the value of sales in North America, its biggest market.