Leonardo Maria Del Vecchio, the son of EssilorLuxottica’s late founder, is stepping down as chairman of the Ray-Ban brand, and the company’s chief strategy officer, due to reported tensions with CEO Francesco Milleri.
Relations between the 31-year old Del Vecchio and Milleri “appeared to have cooled” in June after Del Vecchio was unable to buy out an ownership stake in the company held by his brother Luca and sister Paola. The buyout would have made Del Vecchio the largest shareholder in Delfin, the family holding company that holds a 32.4 percent stake in EssilorLuxottica.
Delfin is chaired by Milleri, who has been CEO of Luxottica since 2017 and CEO of EssilorLuxottica since the 2020 Essilor merger.
A statement from EssilorLuxottica confirmed a report from Italian financial daily MF-Milano Finanza that Del Vecchio would step down from managerial roles at the French-Italian giant at the end of August “to devote himself to new entrepreneurial projects.”
According to reports, Del Vecchio’s resignation letter, submitted to Milleri and the company’s board addressed Milleri’s management style in charging corporate management has become “distant” and “impersonal,” far removed from the people “who must once again be put at the center” of the group, as in “Luxottica twenty years ago.”
Del Vecchio said in the letter that he would remain an active shareholder through Delfin, in which he holds a 12.5 percent stake, adding that he would continue to defend EssilorLuxottica’s independence, long-term growth and stable ownership structure.
Beyond Ray-Ban, EssilorLuxottica’s owned brands include Oakley, Persol, Oliver Peoples and Costa Del Mar. it also owns retail chains including Sunglass Hut, LensCrafters and Pearle Vision and makes eyewear under numerous designer licenses, including Giorgio Armani, Chanel and Burberry.
Image courtesy Ray-Ban
