MILAN (Reuters) - Billionaire Leonardo Del Vecchio said Italian companies often favour dividends to growth, daily Il Corriere della Sera quoted him as saying on Tuesday.
"Dividends today are often at the expense of companies dimensional growth," he said.
Del Vecchio, 86, is the founder of eyewear giant Luxiottica, now EssilorLuxiottica, and the top investor in Italian merchant bank Mediobanca.
He is the third-largest shareholder in Italy's largest insurer Generali, where earlier this month he opposed Chief Executive Officer Philippe Donnet's bid to be reappointed to head the company next year.
(Reporting by Giulio Piovaccari; Editing by Christian Schmollinger)
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Leonardo del Vecchio is an Italian businessperson who founded EssilorLuxottica SA and Luxottica Group SpA and who has been at the helm of 5 different companies. Currently, he occupies the position of Executive Chairman of EssilorLuxottica SA and Executive Chairman at Luxottica Group SpA (a subsidiary of EssilorLuxottica SA), Chairman for Delfin SARL and Chairman at Aterno SARL. He is also on the board of Covivio SA, GIVI Holding SRL and Kairos Julius Bär SIM SpA. In his past career Mr. Del Vecchio was Chairman at Luxottica North Europe Ltd. He received a graduate degree from MIB Trieste School of Management.
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