EssilorLuxottica board backs CEO Milleri after criticism from Del Vecchio heir
Tweet
Share
E-mail
Luxottica's Chairman and CEO Francesco Milleri looks on as he arrives at the Quirinale Presidential Palace to be appointed as 'Knight of Labour' by Italian President Sergio Mattarella, in Rome, Italy, October 24, 2025. REUTERS/Remo Casilli
MILAN, Sept 9 (Reuters) - Franco-Italian eyewear maker EssilorLuxottica on Wednesday said its board had unanimously reaffirmed its full confidence in Chief Executive Francesco Milleri, his management team and the group's strategy, after criticism from a member of the family behind its largest shareholder.
Earlier this week Leonardo Maria Del Vecchio, son of the company's late founder Leonardo Del Vecchio, told journalists he hoped for a change in EssilorLuxottica's strategy after it lost more than half of its market value in recent months, calling for plans to be shared more broadly with investors.
Leonardo Maria Del Vecchio, 31, owns a 12.5% stake in Delfin, the family holding company that in turn controls 32.4% of EssilorLuxottica.
He stepped down at the end of July as chairman of the Ray-Ban brand and as EssilorLuxottica's chief strategy officer, amid reported tensions with Milleri, who also serves as chairman of Delfin.
Relations between Del Vecchio and Milleri, long considered close, appeared to deteriorate in June after Del Vecchio failed in an attempt to acquire the stakes of two siblings in Delfin and complained publicly that the holding company's board had not been cooperative.
Leonardo Maria Del Vecchio also reportedly said that Milleri's reappointment should not be taken for granted.
Delfin's decisions regarding EssilorLuxottica are determined by its board, whose mandate has no fixed term under the holding company's bylaws. Changes effectively require unanimous shareholder support, making reforms difficult to achieve.
(Reporting by Elisa AnzolinEditing by Keith Weir)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- September Stock-Up Season Wraps Up as Yiwugo Merchants Deepen Their Focus on Cold-Weather Essentials
- Futuremain to merge with ChampionsGate in $80M Nasdaq deal
- US court blocks Trump administration bid to keep Michigan coal plant open
Create E-mail Alert Related Categories
ReutersRelated Entities
Definitive AgreementSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
