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EssilorLuxottica leadership and governance changes

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2026-09-07 12:11 UTC → 2026-09-09 16:33 UTC · added ~~removed~~

Leonardo Maria Del Vecchio has announced his resignation from all managerial roles at EssilorLuxottica, including his positions as Chief Strategy Officer and chairman of Ray-Ban, effective August 31. In his resignation, Del Vecchio criticized current corporate management, describing it as ‘distant’ and ‘impersonal’ compared to the culture established by his father, the company’s founder. He stated that he no longer recognizes ‘the Luxottica that I remember alongside my father.’ While stepping down from operational leadership, Del Vecchio will remain a shareholder through the family holding company, Delfin. His departure marks the first time since the 2022 death of founder Leonardo Del Vecchio that none of the eight heirs are working operationally within the group. This transition highlights an ongoing governance crisis within Delfin, a dispute among heirs that has lasted nearly four years and affects the eyewear giant as well as significant stakes in other major Italian institutions. Following his departure, Del Vecchio spoke at the Ambrosetti Forum in Cernobbio, calling for a strategic shift and a long-term vision for Luxottica that spans 50 years rather than three. He noted that the company, which he referred to as Essilux, has lost 50% of its stock market value. Del Vecchio expressed a desire to move past the perceived dualism between himself and Francesco Milleri to ensure future success. Additionally, he noted that an investigation has been requested regarding potential conflicts of interest within the Delfin Board of Directors. During his address at the forum, Del Vecchio further emphasized the need for a new phase for the eyewear giant, expressing concerns that the current trajectory lacks a clear roadmap for navigating emerging technologies such as artificial intelligence and smart glasses. He also addressed governance issues within Delfin, specifically citing a lack of transparency regarding its holdings in Monte dei Paschi di Siena. In response to Del Vecchio’s criticisms, the EssilorLuxottica board of directors issued a formal statement unanimously expressing ‘full confidence’ in the leadership of Chairman and CEO Francesco Milleri and Deputy CEO Paul du Saillant. The board cited the solidity of the company’s results as confirmation of the current management approach. The leadership of Milleri is set for review in April 2027, a milestone that Del Vecchio suggested will be decided by the majority of Delfin’s partners based on performance.

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