Safilo Group S.p.A. CEO Luisa Delgado to Retire; Unilever’s Angelo Trocchia Named New CEO

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PADUA, Italy—Safilo Group (SFLG.MI) said on Friday its chief executive officer Luisa Delgado would retire from the company at the end of this month “ for personal reasons.” In a separate announcement soon after, the company said a new CEO, Angelo Trocchia, currently CEO of Unilever Italia, would be joining the company as CEO effective April 1. Until that time, current Safilo Group chairman Eugenio Razelli would assume interim CEO duties. The board of directors of Safilo also said that Delgado will also retire from the offices of sole director of Safilo Industrial Srl and sole director of Safilo SpA. The board of directors of Safilo Group S.p.A. accepted the resignations accordingly.

At the annual shareholders’ meeting to be held on April 24 (i.e. upon expiry of the board of directors currently in office), Trocchia will be on the list to be filed by Multibrands Italy B.V., in order to become a director and CEO of Safilo Group S.p.A. Trocchia will also hold the office of sole director of Safilo S.p.A. and Safilo Industrial S.r.l., subsidiaries of Safilo Group. He does not currently hold shares or other financial instruments of the company.

As of today, Delgado owns nr 38,008 of shares of the company and nr 290,000 stock options. The board of directors of Safilo Group, and Delgado have mutually agreed to terminate the contractual relationship existing between them, the statement said. .

Delgado has led the company through a period of transition during which its largest licensor, Gucci, changed the relationship from licensee to supplier. In order to reposition the company following this important change, Delgado has added to the Brand portfolio Moschino, Givenchy, Elie Saab, havaianas, rag&bone, Swatch and Rebecca Minkoff, and renewed the licenses of Dior, Jimmy Choo, Tommy Hilfiger, Max Mara, Kate Spade, Juicy Couture and Saks. She also opened new emergent markets with new direct subsidiaries and via Global Partners, and reinforced the Product capabilities of Safilo with the new Design Studios, the integration of Lenti Manufacturing and Safilo’s Product School.

“The board of directors thanks Mrs. Delgado for her efforts and for helping preparing the company for future success,” the announcement said.

The termination agreement was approved by the board of directors of the company today with the favorable opinion of the Appointment and Remuneration Committee, the Related Parties Committee and the Board of Statutory Auditors. Pursuant to the agreement, in line with the remuneration policy in force, the company will pay Delgado, in addition to the prorated fixed fees relating to year 2018, where due and to the severance payments due by law: (i) as exit incentive relating to the mutual termination of her employment relationship with Safilo Group S.p.A., the gross amount of EUR 500,000, to be paid upon satisfaction of certain conditions.

With specific reference to the non-competition obligation, Delgado undertook that she will not engage in any activity in the competing business (i.e. designing, manufacturing and distributing prescriptions frames, sunglasses and sports eyewear) or for competitors within the territory of Italy, France, Austria, Germany, Japan, the U.S., China and Switzerland.
Since 2013, Trocchia has held the position of chairman and CEO of Unilever Italia. Previously he was chairman and CEO of Unilever Israel.

After an MBA at the STOA'/MIT in Naples and a PHD in aeronautical engineering at the University La Sapienza in Rome, Angelo Trocchia began in 1991 an international career in Unilever, where he held various roles of increasing responsibility in supply chain and sales.

“Safilo is pleased to appoint an executive with a solid and international track record and a comprehensive 360 degree background in business management, able to lead the company through a successful development, supported by the current leadership team.

A conference call with the financial community to discuss the Group’s full year 2017 results will be held on March 13. The update of the Group’s long-term Strategic Plan will be presented in the second half of 2018.