Executive departure at eyewear group

Leonardo Maria Del Vecchio has announced his resignation from all executive roles at EssilorLuxottica, stepping down as chief strategy officer and president of Ray-Ban. The 31-year-old son of late founder Leonardo Del Vecchio formalised his exit in a letter addressed to Chairman and Chief Executive Officer Francesco Milleri and the board of directors. His resignations will become effective on 31 August, concluding a three-year term leading the Ray-Ban brand. A spokesperson for the Franco-Italian eyewear group, which generates over 28 billion euros in annual revenue, confirmed the departure and thanked Del Vecchio for his contributions to group growth. Del Vecchio is the second family heir to step down from management within the past year, following the departure of his stepbrother Rocco Basilico.

Governance criticism and family dispute

In his resignation letter, Del Vecchio expressed sharp criticism of the leadership direction under Milleri, the manager selected by the founder to run the company after his death in 2022. Del Vecchio described the current corporate culture as distant and impersonal, arguing that internal employees have been increasingly marginalised. He stated that the prevailing operating style departs from the human-centred environment established by his father during the growth of Luxottica.

“This is not the Luxottica in which I grew up. And it is not the Luxottica that I remember alongside my father.”

Sources close to Del Vecchio's investment vehicle, LMDV Capital, characterised the resignation as an effort to resolve conflicts between managerial and ownership duties. While leaving operational management, Del Vecchio confirmed that he will maintain his 12.5% shareholding in Delfin and continue to exercise his shareholder responsibilities.

Boardroom defeat over holding restructure

The managerial rupture follows months of escalating tension over the ownership structure of Delfin, the Luxembourg-based holding company that controls the family assets. In spring 2026, Del Vecchio proposed a 10 billion euro transaction supported by bank debt to buy out the 25% combined stake held by his siblings Luca and Paola. The plan aimed to resolve persistent disagreements among the eight heirs, who have not finalised the execution of the founder's will since 2022. However, financing banks withdrew after finding that Delfin's bylaws prevented pledging company shares as collateral. On 30 June, Delfin's six-member board voted 4 to 2 to reject the restructuring proposal, with Delfin Chief Executive Officer Romolo Bardin voting against it, while Milleri and notary Mario Notari voted in favour.

Delfin holdings and market pressures

Delfin remains the controlling shareholder of EssilorLuxottica with a 32.4% stake, alongside substantial investments in the Italian financial sector. The holding maintains a 17.5% stake in Banca Monte dei Paschi di Siena, approximately 10% in Assicurazioni Generali, and 2.7% in UniCredit, in addition to controlling the real estate firm Covivio. The executive shakeup coincides with financial pressure on EssilorLuxottica, whose market capitalisation has dropped 50% since reaching a peak in November. French institutional investors also hold significant stakes, with Caisse des Dépôts et Consignations and Bpifrance together holding 4%, and employee group Valoptec holding 4.3%. Meanwhile, EssilorLuxottica continues its commercial partnership with Meta, which has sold seven million pairs of smart glasses over six years and was renewed in 2024 for a ten-year term.

EssilorLuxottica32.4%

Banca Monte dei Paschi di Siena17.5%

Assicurazioni Generali10%

UniCredit2.7%

EssilorLuxottica

32.4 %

Banca Monte dei Paschi di Siena

17.5 %

Assicurazioni Generali

10 %

UniCredit

2.7 %

Data from the article text