Luxottica shares slide after CEO's exit

Staff Writer
Columbus CEO

MILAN (AP) — Shares in Italian luxury eyewear maker Luxottica slid more than 9 percent in trading the day after its CEO resigned after less than a month on the job.

Luxottica burned 1.82 billion euros ($2.31 billion) in capital Monday as shares slid 9.23 percent to 37.29 euros following Enrico Cavatorta's resignation.

Luxottica had been held up as an example of a successful generational shift in a traditional Italian family-run business after founder Leonardo Del Vecchio, 79, turned over the reins to CEO Andrea Guerra, who left in August after a decade on the job.

The company has not commented on the reason for the second management change in short order, but Italian media have reported that Cavatorta's exit was prompted by family moves to re-assert more control.