Leonardo Maria Del Vecchio is stepping down from his roles at Essilux. It marks a split with Milleri

There has been a falling-out between Leonardo Maria Del Vecchio, a shareholder holding 12.5 per cent of Delfin, and Francesco Milleri, CEO of EssilorLuxottica and chairman of the family’s holding company. Following tensions linked to the restructuring plan that would have seen the head of LMDV increase his stake in Delfin by acquiring the shares held by his siblings Luca and Paola – a plan blocked by Delfin’s board of directors due to concerns over guarantees – Leonardo Maria Del Vecchio is stepping down from all the positions he has held to date at EssilorLuxottica.

In a letter sent to the board of directors of the eyewear giant, Leonardo Maria Del Vecchio announced his resignation as chairman of Ray-Ban and as chief strategy officer of the Italian-French conglomerate. In the letter, the founder’s son addresses Milleri and speaks, amongst other things, of a corporate management style that is ‘distant’ and ‘impersonal’, far removed from the people ‘who must be put back at the heart’ of the group, as was the case in ‘Luxottica twenty years ago’.

“We would like to thank Leonardo Maria for contributing to the group’s growth and to the realisation of the strategic vision set out by his father. We wish him every success in his new venture,” said a spokesperson for the Italian-French group.

The balance of power along the Delfin-EssilorLuxottica chain is therefore becoming increasingly complex, no longer confined to the relationship between the eight heirs but extending also to the board of directors. The decision by the LMDV manager is, in fact, the result of tensions that have gradually built up following Delfin’s attempted takeover, a project that failed due to opposition from the financial group’s board. Before the summer break, the lengthy negotiations between Leonardo Maria Del Vecchio and the banks to secure the necessary funds to acquire the shares held by his siblings Paola and Luca came to an end, having stalled – as has often been the case in the finance company’s recent history – over the issue of unity and unanimity. This time, however, unlike in the past, what was lacking was not cohesion amongst the shareholders, but rather within Delfin’s board, which was divided over roles and guarantees relating to the transaction.

“If the banks were pressing for a stronger commitment from Delfin, the board had the right and the duty to reassess the risks involved. However, this would have required a clear, unified and transparent position: which conditions had changed, which risk had emerged, and what majority was actually required. That is not how it went. The board was not united. Some members were prepared to proceed, others were not,” wrote Leonardo Maria Del Vecchio in a lengthy letter published on the eve of the Delfin shareholders’ meeting. According to some sources, the criticism of the board specifically concerned the safeguards requested by the holding company’s directors, namely Francesco Milleri, Romolo Bardin, Mario Notari, Aloyse May and Giovanni Giallombardo.