Key facts
- Leonardo Maria Del Vecchio is resigning from his management positions at EssilorLuxottica.
- He will cease to be chairman of the Ray-Ban brand and chief strategy officer.
- His resignation takes effect on August 31.
- Del Vecchio expressed dissatisfaction with CEO Francesco Milleri's management style, describing it as 'distant' and 'impersonal.'
- The Del Vecchio family's holding company, Delfin, is EssilorLuxottica's largest shareholder with a 32.4% stake.
Leonardo Maria Del Vecchio, a scion of the Italian eyewear family, has decided to step down from his management roles at EssilorLuxottica, the Franco-Italian group confirmed. The resignation, effective August 31, includes his positions as chairman of the Ray-Ban brand and chief strategy officer.
According to reports, Del Vecchio expressed his dissatisfaction with the management style of CEO Francesco Milleri in a resignation letter, describing the company's operations as "distant" and "impersonal." He suggested that the company's current approach deviates from the values that characterized Luxottica in the past and that the sense of belonging among employees has diminished.
Delfin, the Del Vecchio family's holding company, remains the largest shareholder in EssilorLuxottica with a 32.4% stake. The family's succession and governance within Delfin have been a point of contention, with ongoing discussions among the eight heirs regarding the execution of Leonardo Del Vecchio's legacy, including a promised bequest of EssilorLuxottica shares to CEO Milleri.
Del Vecchio stated that he is leaving after fulfilling his three-year mandate at Ray-Ban, having surpassed objectives and leaving the brand stronger with a capable team. He emphasized that his decision is not a result of defeat but a conclusion to his work.