EssilorLuxottica Board Backs CEO Milleri Amid Heir's Criticism

• EssilorLuxottica's board has unanimously reaffirmed its full confidence in CEO Francesco Milleri.
• The board also backed Milleri's management team and the company's strategy.
• The reaffirmation follows criticism from Leonardo Maria Del Vecchio, heir to the company's late founder.
• Del Vecchio, who holds a 12.5% stake in Delfin (the largest shareholder), called for a strategy change.
• Del Vecchio stepped down from his roles as chairman of the Ray-Ban brand and chief strategy officer in July.

EssilorLuxottica's board has unanimously reaffirmed its full confidence in Chief Executive Francesco Milleri, his management team, and the group's strategy. This comes after criticism from Leonardo Maria Del Vecchio, son of the company's late founder and a significant shareholder via the family holding company Delfin.

Earlier this week, Del Vecchio, who owns 12.5% of Delfin, expressed hope for a change in EssilorLuxottica's strategy, citing a significant drop in market value and calling for broader investor communication. He stepped down from his roles as chairman of the Ray-Ban brand and chief strategy officer at the end of July amid reported tensions with Milleri, who also chairs Delfin.

Relations between Del Vecchio and Milleri reportedly deteriorated in June after Del Vecchio's unsuccessful attempt to acquire stakes from two siblings in Delfin. Delfin's decisions regarding EssilorLuxottica are determined by its board, where changes are difficult to implement without unanimous shareholder support.