Leonardo Maria Del Vecchio's resignation removes a founding‑family voice from EssilorLuxottica amid a 40% share‑price drop
Executive summary: Leonardo Maria Del Vecchio resigned from all roles at EssilorLuxottica, accusing CEO Milleri of an impersonal and distant management style and saying he had lost his father's values. His departure removes a major founding‑family voice from the company's board, comes amid a 40% share‑price drop over the past year, and raises governance concerns for the eyewear giant.
Who is involved: Leonardo Maria Del Vecchio, EssilorLuxottica CEO Francesco Milleri, the EssilorLuxottica board, Delfin holding, and employee unions.
Likely next: The board will likely appoint an interim director or search for a replacement, while Delfin may reassess its stake and the family could pursue further legal or financial settlements.
Leonardo Maria Del Vecchio stepped down from all positions at EssilorLuxottica, criticizing CEO Francesco Milleri's management as impersonal and distant and saying he had lost his father's values. The move comes after the company's stock has lost about 40% of its value over the past year, prompting concern among unions and investors. While the resignation is a personal family matter, it highlights governance tension at the eyewear giant and may trigger a board‑level succession process.
Timeline
- — Essilux, divorzio con Leonardo Maria Del Vecchio: “Persi i valori di mio padre” (la Repubblica — Economia)
- — Leonardo Maria Del Vecchio, debiti cresciuti a 1,3 miliardi. Il nodo degli utili Delfin bloccati (la Repubblica — Economia)
- — Delfin, l’assemblea approva il bilancio: Leonardo Maria Del Vecchio non si presenta (la Repubblica — Economia)
Analysis — what this means
Likely next events
- EssilorLuxottica board meeting scheduled for early September 2026 to discuss succession
- Delfin holding expected to announce refinancing outcome with Apollo fund by October 2026
- Potential shareholder vote on Delfin dividend policy slated for Q4 2026
- Union representatives may request a meeting with management by mid‑September 2026
Sectors affected
- Eyewear
- Luxury goods
Historical parallels
- 2015 merger of Luxottica and Essilor that created EssilorLuxottica
- 2022 Delfin family dispute over governance and dividend policy
Key entities
Sources
- Essilux, divorzio con Leonardo Maria Del Vecchio: “Persi i valori di mio padre” — la Repubblica — Economia
- Leonardo Maria Del Vecchio, debiti cresciuti a 1,3 miliardi. Il nodo degli utili Delfin bloccati — la Repubblica — Economia
- Delfin, l’assemblea approva il bilancio: Leonardo Maria Del Vecchio non si presenta — la Repubblica — Economia