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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  EssilorLuxottica    EL   FR0000121667

ESSILORLUXOTTICA

(EL)
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Real-time Quote. Real-time Tradegate - 07/18 03:03:03 am
115.775 EUR   -0.66%
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EssilorLuxottica : AGM Preserves Status Quo

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05/16/2019 | 10:45am EDT

By Cristina Roca

EssilorLuxottica SA (EL.FR) shareholders voted down a proposal by institutional investors to appoint two new board members, handing the Franco-Italian group a victory, albeit one dampened by shareholders' weak support for executives' remuneration.

Wendy Evrard Lane and Jesper Brandgaard, who had been nominated by a group of institutional shareholders, didn't garner enough support to join the board at the company's annual general meeting Thursday. They received 43.68% and 34.15% of votes respectively.

EssilorLuxottica chairman and Luxottica founder Leonardo del Vecchio's proposed remuneration passed by 57.57%, while vice-chairman Hubert Sagnieres's pay was approved by 58.11% of votes. The remuneration of Laurent Vacherot, chief executive of Essilor, passed with 58.30% of votes.

Mr. Del Vecchio and Mr. Sagnieres have been locked in a governance dispute, delaying the integration of Essilor with Luxottica after their merger last October, and stoking investor concern. The two warring sides reached a truce earlier this week, saying they would drop all legal disputes, including a request for arbitration.

The appointment of two extra board members had been put forth by a group of institutional investors, including Comgest, Fidelity International, Phitrust and Sycomore Asset Management, in a bid to break the deadlock between Essilor and Luxottica, which control eight seats on EssilorLuxottica's board.

Discussing the search for a chief executive to sit at the helm of the new company during the AGM, Mr. Del Vecchio hinted at his preference for an internal candidate, saying there are people within the group who could be suitable.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

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This story was translated in whole or in part from a French-language version initially published by L'Agefi-Dow Jones.

Stocks mentioned in the article
ChangeLast1st jan.
ESSILOR INTERNATIONAL SA End-of-day quote.
ESSILORLUXOTTICA -0.43% 115.7 Real-time Quote.5.52%
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Financials (EUR)
Sales 2019 17 170 M
EBIT 2019 2 741 M
Net income 2019 1 862 M
Debt 2019 1 422 M
Yield 2019 1,73%
P/E ratio 2019 27,4x
P/E ratio 2020 25,4x
EV / Sales2019 3,04x
EV / Sales2020 2,93x
Capitalization 50 697 M
Chart ESSILORLUXOTTICA
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Technical analysis trends ESSILORLUXOTTICA
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 117,11  €
Last Close Price 116,55  €
Spread / Highest target 21,8%
Spread / Average Target 0,48%
Spread / Lowest Target -23,6%
EPS Revisions
Managers
NameTitle
Hubert Sagnières Chairman & Chief Executive Officer
Laurent Vacherot President, Co-COO & Non-Independent Director
Paul du Saillant Co-Chief Operating Officer
Jean Carrier-Guillomet Co-Chief Operating Officer
Hilary Halper Chief Financial Officer
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