EssilorLuxottica confirmed on Tuesday that Leonardo Maria Del Vecchio, a member of the family that founded Luxottica, has decided to step down from his management responsibilities at the Franco-Italian eyewear group. The company said the departure would be effective August 31 and that it was confirming press reports regarding the decision.
According to the report that first broke the news, Leonardo Maria Del Vecchio will vacate his posts as chairman of the Ray-Ban brand and as chief strategy officer. The company said it was grateful for his contribution to the group’s growth and to the realization of the strategic direction advanced by his father, and it offered him its best wishes for success in his next venture.
MF-Milano Finanza published details that included language from a resignation letter said to have been written by Del Vecchio. In that letter, which the paper reported having seen, he is said to have criticized the management approach of CEO Francesco Milleri, describing the company as being run in a "distant" and "impersonal" manner. EssilorLuxottica did not provide additional commentary on the contents of the letter beyond the acknowledgement of the resignation and the expression of thanks.
The Del Vecchio family vehicle, Delfin, is identified as the leading shareholder in EssilorLuxottica, holding a 32.4% stake in the group. The company is characterized in statements as a Franco-Italian group, and the departure was framed as a management change being enacted at the end of the month.
The announcement reiterates the two specific management roles being relinquished and the effective date of the change. Beyond confirming the resignation and repeating the company's statement of gratitude, EssilorLuxottica did not elaborate further on succession arrangements or follow-up steps in relation to the Ray-Ban chairmanship or the chief strategy officer role in its brief confirmation.
Reportedly critical language directed at the chief executive in the resignation letter was described as centering on the tone and interpersonal character of leadership, employing the terms "distant" and "impersonal." The reporting does not provide additional excerpts or further detail about the circumstances that led to Del Vecchio's decision to leave his management positions.
This development was communicated publicly by the group on Tuesday, and the company’s external statement focused on thanking Del Vecchio for his contributions while wishing him well in his next activities. The factual record in the announcement and the reporting to date is limited to the resignation, the roles affected, the effective date, the quoted characterization from the resignation letter, and Delfin's ownership stake.