EssilorLuxottica overhauls management after rift with founder’s son

Leonardo Maria Del Vecchio, the fourth son of EssilorLuxottica founder Leonardo Del Vecchio, has resigned from all his managerial positions, including chief strategist for EssilorLuxottica and president of Ray-Ban. His resignation, effective August 31, was communicated through a letter to CEO Francesco Milleri and the board, in which he criticized a "distant" and "impersonal" corporate culture, contrasting it with his late father's hands-on leadership. Del Vecchio, who remains a shareholder in the family holding company Delfin Sarl, stated that his three-year mandate at Ray-Ban concluded with exceeded targets, leaving a stronger brand and team.

His departure comes amidst a four-year family feud over the founder's more than $46.6 billion fortune, managed by Delfin Sarl, which is the largest shareholder of EssilorLuxottica, holding about 32.4% of its shares. The disputes among the eight heirs, each with a 12.5% stake in Delfin, have led to a governance crisis, impacting not only EssilorLuxottica but also Italy's financial sector due to Delfin's significant stakes in institutions like Banca Monte dei Paschi di Siena, Generali, and UniCredit. Earlier in 2026, Leonardo Maria's plan to buy out two siblings for $10 billion, which would have given him a 37.5% stake in Delfin, was approved but later derailed by financing and governance issues.

EssilorLuxottica's shares have fallen approximately 40% year-to-date, resulting in a market capitalization of around $75.5 billion. In response to the share decline and Leonardo Maria's exit, the company announced a plan to buy back up to five million shares, valued at more than $800 million. This move is intended to bolster investor confidence and demonstrate the company's belief in its long-term prospects. Analysts note that while the buyback shows management confidence, it does not alleviate the underlying governance risks at Delfin, which continue to distract from the company's strong operational performance, including a 9.7% increase in first-half revenue at constant exchange rates.