Milan – Leonardo Maria Del Vecchio, son of the late company founder Leonardo Del Vecchio, will step down from all his positions at EssilorLuxottica, the world’s largest eyewear group, effective August 31. This includes his roles as president of the Ray-Ban brand and as chief strategy officer.
In his resignation letter to Group CEO Francesco Milleri, Del Vecchio voiced strong criticism of the company’s leadership. He noted that enthusiasm and a sense of belonging were no longer what they used to be, and that management had become distant and impersonal. People must once again take center stage, he urged, referring to Luxottica’s culture from twenty years ago.
What's behind the withdrawal?
This stems from tensions within the Delfin family holding company, based in Luxembourg, which holds approximately 32.4 percent of EssilorLuxottica and thus controls the group. Following the founder’s death in 2022, the holding company was divided equally among eight heirs; Leonardo Maria Del Vecchio holds 12.5 percent. There is a dispute over the future direction of the company: some of the heirs want to cash out their shares, while others want to keep the holding company intact. Del Vecchio was unable to push through an attempt to acquire a majority stake in Delfin this spring due to a lack of support.
What does this mean for the company?
For now, the withdrawal will have little impact on operational control: Milleri will continue to lead EssilorLuxottica as CEO and Chairman of the Board of Directors. The group, which has its roots in Agordo, Veneto, and offices in Milan and Paris, brings together brands such as Ray-Ban, Oakley, and Persol and is the global market leader in eyeglasses and sunglasses. Through Delfin, the family also holds stakes in companies such as Monte dei Paschi, Generali, UniCredit, and the real estate group Covivio.
Del Vecchio announced that he would devote himself to his own business ventures in the future; he will retain his shares in the family holding company. The company thanked him for his contribution to the group’s growth. However, this does not settle the dispute over the founder’s estate—the founder who turned a small business into today’s global corporation—and the announced restructuring of the shares is likely to continue to be a source of concern for the family.
