Leonardo Maria Del Vecchio Calls for Strategic Shift and Governance Review at Delfin and EssilorLuxottica

Leonardo Maria Del Vecchio has called for a new strategic phase at EssilorLuxottica and a return to the natural role of the board at Delfin, the family holding company. Speaking at the Forum Teha in Cernobbio, Del Vecchio stated that a dualism had developed between himself and Francesco Milleri, the president of Delfin and EssilorLuxottica. He emphasized that the focus should return to the company, which he described as the true legacy of his father, noting that the company has lost 50 percent of its stock market value. Regarding Milleri's future, Del Vecchio noted that the majority of Delfin shareholders will decide based on results and strategies, though he clarified that no one has explicitly said Milleri must leave.

Del Vecchio has also challenged the governance of Delfin, urging board members to operate full time rather than part time. He revealed that he wrote to the company auditors on August 29 to request a verification of the board's actions. This request includes inquiries into the management of Brooks Brothers and Ceramica Dolomite. While some interpretations suggest this is a conflict with his brother Claudio, Del Vecchio framed the move as a request for the auditors to monitor the board rather than a direct personal attack. He expressed a desire to close the succession process of his father, mentioning he was previously willing to take on 10 billion euros in debt to achieve this.

In other developments, Del Vecchio has stepped down from several official roles, including the presidency of Ray Ban, the chief strategy officer position at EssilorLuxottica, and the presidency for Italy of the OneSight foundation. He described these exits as a potential step forward that allows him to defend his father's investment without conflicts of interest. Additionally, Del Vecchio discussed his investments in the publishing sector, which he views as fundamental infrastructure for national freedom, noting that he has removed public subsidies and redundancy funds in his acquired ventures to signal a reversal in direction.