Phoenix 24
A family legacy collides with modern corporate governance.
Milan
Leonardo Maria Del Vecchio is leaving his management positions at EssilorLuxottica, marking a significant rupture inside the global eyewear giant founded in part through the industrial legacy of his father, Leonardo Del Vecchio. The 31-year-old executive will step down as chairman of Ray-Ban and chief strategy officer of EssilorLuxottica at the end of August. His departure follows reported tensions with chief executive Francesco Milleri and disagreements surrounding the governance of the Del Vecchio family holding company, Delfin. Rather than presenting the move as a simple executive transition, Del Vecchio has openly questioned the way the group is being managed.
At the center of his criticism is what he sees as an increasingly distant and impersonal leadership model. In his resignation letter, Del Vecchio argued that management had become disconnected from the company’s productive forces, raising a broader question about the relationship between corporate leadership and the people who sustain industrial operations. His departure is especially symbolic because Ray-Ban remains one of the most recognizable brands within the EssilorLuxottica portfolio. The dispute therefore touches not only governance, but also competing interpretations of how the founder’s industrial philosophy should evolve.
The tensions extend into Delfin, the Del Vecchio family holding company and EssilorLuxottica’s largest shareholder, with a stake of more than 32%. Leonardo Maria Del Vecchio owns 12.5% of Delfin and had attempted to acquire the stakes of two siblings, a transaction that would have significantly increased his influence within the family investment structure. That effort ultimately failed amid opposition and governance disputes. Despite leaving his executive positions, Del Vecchio intends to remain an active shareholder and has emphasized his commitment to protecting EssilorLuxottica’s independence, long-term growth and stable ownership structure.
The episode exposes a classic challenge confronting family-built global corporations after the death of a dominant founder. EssilorLuxottica must reconcile professional management, shareholder interests, family legacy and an industrial culture that grew from Leonardo Del Vecchio’s entrepreneurial vision. Milleri remains firmly positioned at the top of the company, but the public criticism from one of the founder’s heirs introduces a new layer of scrutiny over how that legacy is being interpreted. Del Vecchio may be leaving management, but the debate he has opened over ownership, workers and corporate identity is unlikely to leave with him.
The narrative is power too. / La narrativa también es poder.