EssilorLuxottica Board Backs CEO Milleri Amid Criticism from Del Vecchio Heir

EssilorLuxottica's board of directors has unanimously backed Chief Executive Francesco Milleri, issuing a formal statement of confidence following public criticism from an heir of the company's founding family. The move aims to quell investor uncertainty amid a reported power struggle within the eyewear giant's largest shareholder.

Board Affirms Confidence in Leadership

The Franco-Italian company announced on Wednesday that its board "unanimously reaffirmed its full confidence" in CEO Milleri, his management team, and the group’s current strategy, according to a Reuters report. This public declaration serves as a direct rebuttal to comments made earlier in the week by Leonardo Maria Del Vecchio, son of the late founder Leonardo Del Vecchio.

The Heir's Criticism

Leonardo Maria Del Vecchio had publicly called for a change in corporate strategy after EssilorLuxottica's market value declined significantly in recent months. He also advocated for the company's plans to be shared more broadly with the investment community.

The criticism carries weight due to his position within the family's powerful holding company, Delfin.

Ad

• Delfin is the controlling shareholder of EssilorLuxottica with a 32.4% stake.
• Leonardo Maria Del Vecchio holds a 12.5% stake in Delfin.

Context of the Dispute

Reports indicate escalating tensions between Milleri and the younger Del Vecchio, who stepped down as chairman of the Ray-Ban brand and as EssilorLuxottica’s chief strategy officer at the end of July. Milleri, a long-time confidant of the late founder, also serves as the chairman of Delfin, concentrating significant power.

According to the source, relations appeared to sour after Del Vecchio unsuccessfully attempted to acquire his siblings' stakes in Delfin in June. He also publicly questioned whether Milleri's reappointment should be considered a certainty, signaling a deepening rift within the family-controlled structure.