Luxottica Chief Executive Staying Put

Eyewear firm denies speculation Andrew Guerra would exit following earnings drop.

MILAN – Andrea Guerra will remain chief executive officer of Luxottica Group SpA, contrary to stock market rumors, a spokesman for the Italian eyewear company said.
Rumors that Guerra would be replaced gathered pace in Milan on Monday after Luxottica last week reported a 14.2 percent drop in second-quarter earnings to 132.6 million euros, or $208 million at average exchange. Luxottica spokesman Luca Biondolillo branded the rumors “ridiculous” and said Guerra was in the U.S. overseeing plans for the market and working on the integration of the Oakley brand.
Luxottica’s share price rallied 6 percent to 16.21 euros, or $25.26 at current exchange, in midday trading in Milan.