Leonardo Maria Del Vecchio Resigns from All Positions at EssilorLuxottica

Leonardo Maria Del Vecchio has resigned from all his roles at EssilorLuxottica, including his positions as president of Ray-Ban and chief strategy officer. A spokesperson for the italo-french group confirmed the departure, stating that Del Vecchio is leaving to pursue new entrepreneurial projects. In a letter addressed to CEO Francesco Milleri and the board, Del Vecchio criticized the current corporate management as distant and impersonal. He argued that people must return to the center of the group, comparing the current state of the company unfavorably to the Luxottica of twenty years ago.

Del Vecchio stated that he is not leaving after a defeat, but after completing his three year mandate at Ray-Ban with objectives exceeded. While he is stepping down from management, he intends to remain a shareholder through the holding company Delfin. Del Vecchio holds a 12.5 percent stake in Delfin, which controls approximately 32.4 percent of EssilorLuxottica and holds significant stakes in Banca Monte dei Paschi di Siena, Generali, and UniCredit, as well as control of the real estate group Covivio.

Reports from center-right sources provide additional context regarding internal frictions. These reports suggest the rift may stem from a failed attempt by Del Vecchio to acquire a 25 percent stake in Delfin from his siblings, a move that was reportedly rejected by the board. These sources also mention that the company's leadership may have been displeased with the high level of media exposure surrounding Del Vecchio's personal life. The eight heirs of the founder have reportedly struggled to reach an agreement on the execution of the founder's will since his death over four years ago.