Leonardo Maria Del Vecchio quits EssiLux management roles - paper

• Del Vecchio will quit as chairman of Ray-Ban and chief strategy officer, effective August 31, 2024
• He criticized CEO Francesco Milleri's leadership, describing the company as being run in a 'distant' and 'impersonal' manner
• The Del Vecchio family's holding company Delfin remains the leading shareholder in the Franco-Italian eyewear group

Summary: Leonardo Maria Del Vecchio Exits EssilorLuxottica Management

Leonardo Maria Del Vecchio, son of late Luxottica founder Leonardo Del Vecchio, is stepping down from his management positions at EssilorLuxottica, effective August 31, according to Italian newspaper MF-Milano Finanza.

Key Details:

Del Vecchio will relinquish two significant roles:

• Chairman of the Ray-Ban brand
• Chief Strategy Officer of the Franco-Italian eyewear group

Reason for Departure:

The resignation stems from Del Vecchio's criticism of CEO Francesco Milleri's management approach, which he characterized as "distant" and "impersonal." This suggests internal friction at the executive level regarding corporate governance and leadership style.

Company Context:

EssilorLuxottica is a major Franco-Italian eyewear conglomerate formed through merger. The Del Vecchio family remains deeply connected to the company through Delfin, their family holding company, which serves as the leading shareholder in EssilorLuxottica.

Market Implications:

This departure raises questions about:

• Potential governance tensions within one of the world's largest eyewear companies
• The Del Vecchio family's future influence on strategic direction despite maintaining controlling ownership
• Possible shifts in management philosophy or operational approach under Milleri's leadership
• Continuity concerns for the iconic Ray-Ban brand specifically

The resignation is particularly notable given Del Vecchio's heritage as the founder's son and his strategic oversight role. While the family retains significant ownership through Delfin, the departure from operational management may signal evolving dynamics in how the company balances family legacy with professional management structure.