Luxottica, owner of industry company Oakley, announced more leadership changes today including that its unusual Co-CEO structure has been eliminated.
Co-CEO Adil Kahn, who was in charge of markets, is departing the company after about a year on the job. Founder Leonardo del Vecchio will take over that responsibility.
Massimo Vian will continue as CEO for Product and Operations.
Kahn and Vian had shared the CEO role for a little more than a year. Integrating Oakley more closely into the Luxottica infrastructure was a key initiative for the leaders.
That has led to hundreds of people losing jobs at Oakley around the world. Luxottica estimates the integration synergies will be worth €100 million over time between top-line growth and cost savings.
Kahn will depart Luxottica with about €7 million in severance and other payments.
Luxottica also said today that 2015 revenue reached €9 billion, up 5.5% in constant exchange rates.
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