The clash in plain terms
Leonardo Maria Del Vecchio, 31, used an interview on Italy's RTL 102.5 radio on Monday to sharpen his attack on EssilorLuxottica CEO Francesco Milleri, 68. He said Milleri had been appointed "as a caretaker, with the mission of identifying three young people" as potential CEOs, adding, "This didn't happen."
That criticism hits someone who long stood close to the late founder, Leonardo Del Vecchio. Milleri took over as EssilorLuxottica's CEO in 2020 and, after the elder Del Vecchio's death, became chairman in June 2022.
What triggered the split
The two were aligned until earlier this year, when Leonardo Maria's €10 billion plan to purchase two siblings' 25% combined interest in the family holding company, Delfin Sarl, collapsed. Delfin's board did not agree to backstop debt for the deal, after which he resigned as EssilorLuxottica's chief strategy officer.
He has since publicly criticized Milleri, including over EssilorLuxottica's stock performance, and pushed for changes at both the eyewear group and at Delfin. Delfin is the Ray-Ban maker's largest shareholder and plays a significant role as an investor in Italian banking and insurance.
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Succession work and what comes next
Milleri holds a lifetime chairmanship at Delfin, while his term at EssilorLuxottica is due to end in April. Leonardo Maria has suggested renewal is not assured, though he has not explicitly called for a replacement.
Meanwhile, EssilorLuxottica's 2025 Universal Registration Document says the board's nomination and compensation committee, working with HR, reviewed succession plans for key executives "in the absence of the corporate officers concerned, in order to prevent any conflict of interest." The plans cover contingencies from sudden departures to end-of-term exits, and specify that "the chairman and chief executive officer may be involved in this work for the purposes of preparing his succession, without leading or overseeing the process." A spokesperson for EssilorLuxottica and Delfin declined to comment immediately.
Why investors care
Speaking again on RTL 102.5 on Tuesday, Leonardo Maria said he had directed his lawyers to withdraw every lawsuit he had in motion against his siblings, urging, "Stop with the brother-against-brother conflict." He has additionally initiated an unsolicited bid to take over the publisher of Italy's Il Fatto Quotidiano, a step that would expand his media portfolio.
The family holds over 30% of EssilorLuxottica, and analysts contend the infighting has weighed on the stock's performance. The shares are down roughly one-third this year.
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