The EssilorLuxottica board of directors unanimously reaffirmed its full confidence in CEO Francesco Milleri, his management team, and the company's strategy. This declaration came after public criticism from Leonardo Maria Del Vecchio, the son of the late founder Leonardo Del Vecchio, who had called for changes in strategy and questioned Milleri's future beyond his current mandate which runs until April 2027.
Leonardo Maria Del Vecchio, who holds a 12.5% stake in Delfin (the family holding company that controls 32.4% of EssilorLuxottica), stated earlier in the week that he hoped for a change in strategy following a significant loss in the company's market value. He highlighted that EssilorLuxottica had lost more than half of its market value in recent months, with shares closing at €151.20, down 44% from the start of the year and near its 52-week low of €148.90. Del Vecchio, who stepped down as chairman of the Ray-Ban brand and chief strategy officer in July amid reported tensions with Milleri, also accused the Delfin board of four years of inertia.
Senior executives at EssilorLuxottica also defended the company's leadership in an internal document, expressing concern over the "chaos of recent weeks" and "unfounded judgements" that they believe harm the company and demotivate employees. They emphasized the importance of stability and responsibility, considering EssilorLuxottica as a shared asset for its 30,000 employees in Italy and France, and over 200,000 worldwide, as well as its shareholders. The company's first-half revenue increased by 9.7% at constant exchange rates to €14.818 billion, and second-quarter sales reached €7.692 billion, with adjusted operating profit up 15% and margins expanding to 18.9%.
