David Browne
David Browne, retired CEO of LensCrafters
LensCrafters chief steps down
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Mr. Browne served as President and Chief Executive Officer of LensCrafters, Inc. from 1990 to 1999. , during which time he helped it grow into the world’s largest optical company while building a service culture recognized by Fortune Magazine as one of the top 100 companies to work for and by the White House for its Gift of Sight philanthropy work.
From 1998 to 1999, he also served on the board of directors and as Co-Chief Executive Officer of Luxottica Group, an Italy-based optical frame manufacturer and the parent company of LensCrafters, Inc., where he led the acquisition of Bausch & Lomb's Ray-Ban Division. Mr. Browne is also a director of Athletes In Action,
an international Christian sports ministry, the National Underground Railroad Freedom Center, and a former member of the board of directors of the Points of Light Foundation in B.S. degree in Economics from University of Pennsylvania in 1981.
*Taken from http://sec.edgar-online.com/2003/04/15/0000950144-03-004993/Section7.asp
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* David Browne, the gregarious and inspiring chief executive of LensCrafters, abruptly resigned Wednesday from the eyeglass retailer and from his position as co-CEO of Italian parent Luxottica SpA.
His decision to step down comes at a time when Luxottica is immersed in plans to integrate its international wholesale business and Lens Crafters' retail business. Mr. Browne's responsibilities had been shifting more to wholesale and less to LensCrafters' day-to-day business. Luxottica most recently wanted Mr. Browne to move to Italy.
The CEO decided to step down and clear the way for LensCrafters' other executives to report directly to Luxottica.
“There is significant mutual respect between Dave and Luxottica's board of directors,” said LensCrafters spokeswoman Alison Kaar, who described the decision as friendly.
“Dave's immediate plans are to be spending more time with family and friends,” she said. “He's also exploring a number of business and charitable opportunities.”
Also Wednesday, LensCrafters announced the departure of Chief Administrative Officer Mike Packard, to whom the company's product group reported. This will enable a more direct link between the product group and Luxottica's group manufacturing.
A new CEO has not been appointed. Instead, Luxottica described a two-man leadership team to head the integration process. They are Cliff Bartow, chief operating officer; and Jack Dennis, chief financial officer, who will add the title of chief administrative officer.
In a statement, Luxottica said LensCrafters' store organization “will remain unchanged under the excellent leadership of the field management team.” But management of day-to-day wholesale operations has not been announced.
“It's abrupt, because they were doing very well this year,” said Marge Axelrad, editor of Vision Monday, an industry newspaper. “We're still waiting to understand more of the details of what this important transition is going to be.”
The departure of Mr. Browne, 40, marks the end of a prosperous and passionate era at Sycamore Township-based LensCrafters. The executive with the booming laugh proved likable as well as canny since becoming CEO in 1990.
At the time, a national recession forced the eyeglass industry to contract. So instead of focusing on store growth, Mr. Browne paid attention to profitability, efficiencies and improving market share. By 1992, LensCrafters became the largest eyeglass retailer in the world based on revenues. Sales advanced to $1.1 billion in 1998 from $580 million in 1990, and store numbers grew to 861 from 438.
Mr. Browne so impressed Luxottica that it asked him to stay after acquiring LensCrafters from U.S. Shoe in 1995. It appointed him co-CEO of the parent firm in January.
“Dave Browne has represented (the)... soul of LensCrafters,” Ms. Axelrad said. “Having come to the company at such a critically important stage, and then assuming the CEO role and leading them into the second decade of the business, he has very much been the consistency, the solidarity, of the company.”
Mr. Browne stressed family values at work, and out of the office, he focused on his religious faith, his family life and charitable work. Among his greatest passions was LensCrafters' Gift of Sight program, through which eyeglasses and care are donated to the poor. Mr. Browne regularly accompanied workers on these pilgrimages around the globe.
In an interview last spring, Mr. Browne said he decided to take the co-CEO position, which required more overseas travel, after Luxottica agreed to free him of travel in the summer. That way, he could coach Little League and attend each of his twoson's games.
“My master plan is to do the right thing each morning and recognize God's in control and hang on for the ride,” he said. “I'm trying the best I can to do the right thing every day. That mind-set lets you sleep pretty well at night; it lets you love freely.
“And that's a pretty good way to live.”
Taken from http://www.enquirer.com/editions/1999/11/11/fin_lenscrafters_chief.html
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