MILAN, Sept 9 - EssilorLuxottica's board on Wednesday issued a unanimous statement reaffirming complete confidence in Chief Executive Francesco Milleri, his executive leadership team and the group's strategic direction. The declaration follows public criticism this week from Leonardo Maria Del Vecchio, a scion of the family that owns the holding company with the largest stake in EssilorLuxottica.
Earlier in the week, Leonardo Maria Del Vecchio said he hoped for a shift in the company's strategic approach after EssilorLuxottica lost more than half of its market value in recent months. He also urged that strategic plans be shared more broadly with investors.
Leonardo Maria Del Vecchio, 31, holds a 12.5% position in the family holding company Delfin, which in turn controls 32.4% of EssilorLuxottica. He stepped down at the end of July from two roles: chairman of the Ray-Ban brand and EssilorLuxottica's chief strategy officer. Those departures were reported at the time to have occurred amid tensions with Milleri, who additionally serves as chairman of Delfin.
Relations between Leonardo Maria Del Vecchio and Milleri appeared to worsen in June after Del Vecchio's unsuccessful attempt to purchase stakes held by two siblings in Delfin. Following that effort, he publicly criticized the holding company's board for what he described as insufficient cooperation.
Reports indicate Leonardo Maria Del Vecchio also suggested that Milleri's reappointment should not be assumed. However, Delfin's governance structure limits how such decisions are made: the holding company's bylaws do not set fixed terms for board mandates. As a result, significant changes generally require unanimous shareholder agreement, a high threshold that can make governance reform difficult to achieve.
Context and implications
The board's unanimous vote endorses the current management team and the strategic course despite public dissent from a family member with direct ownership interest in the controlling shareholder. The tensions highlighted in recent weeks involve both personal and governance disputes inside the family holding structure, and they have emerged alongside a pronounced decline in the group's market value.
How Delfin's board chooses to act going forward will be pivotal because its bylaws and the need for broad shareholder agreement constrain rapid change. At present, the official position from EssilorLuxottica's board is one of unity behind Milleri and the executive team.