EssilorLuxottica overhauls management after rift with founder’s son
CEO Francesco Milleri has reshaped the senior team at Milan-based eyewear group
The boss of EssilorLuxottica has overhauled the eyewear group’s senior management after a bitter public clash with its founder’s son and as the company steps up its push into North America.
Chief executive Francesco Milleri has streamlined the senior team at the Milan-based group, as the Franco-Italian company tries to integrate its traditional eyewear operations with its growing medtech business, according to people familiar with the reorganisation.
The changes follow several high-level departures and come as EssilorLuxottica seeks to boost growth in North America, its largest market. Milleri spent almost three months in the US this year overseeing its expansion into medical services and smart glasses, the people added.
The overhaul comes after the departure of the founding family’s scion Leonardo Maria Del Vecchio, who abruptly stepped down last month as the group’s chief strategy officer and president of Ray-Ban. The head of R&D and marketing, as well as the chief commercial strategy officer, also left this summer.
Del Vecchio will not be replaced, according to the people. The responsibilities of the other departing executives have also been consolidated into other roles, with Chrystel Barranger appointed chief growth officer, Davide Schinetti taking an expanded role as chief operating and R&D officer, and Alfonso Cerullo promoted to oversee optical retail and medical and surgical activities in North America, they added.
The family of late founder Leonardo Del Vecchio, who died in June 2022, is locked in a bitter dispute over the future of his business empire, which includes a 32 per cent controlling stake in EssilorLuxottica. Leonardo Maria cited a breakdown in his relationship with Milleri and concerns over the company’s transformation as his reasons for leaving the group.
“The enthusiasm is not what it used to be. The sense of belonging is not what it used to be. You can feel the distance,” he wrote in his resignation letter.
Speaking at the Ambrosetti business forum at Lake Como on Sunday, Leonardo Maria said it was “not a given” that Milleri would be reappointed when his current term expires in April 2027, a decision that will require the backing of the Del Vecchio family.
The relationship between the pair has soured rapidly. As recently as March, Leonardo Maria told the FT he regarded Milleri as his father’s business heir and the best person to spearhead EssilorLuxottica’s transformation.
During Milleri’s tenure, EssilorLuxottica’s revenues have almost doubled as the group cemented its position as the world’s largest eyewear company. The company employs more than 200,000 people globally and has become known for extensive employee benefits and share ownership schemes.
Leonardo Maria earlier this year failed to secure the backing of the family holding company — which is chaired by Milleri — for a €12bn loan needed to buy out two of his siblings. That fuelled tensions that ultimately erupted into his dramatic departure from EssilorLuxottica, according to multiple people familiar with the discussions.
They added that Leonardo Maria had become less involved at EssilorLuxottica over the past year as he focused on building his own family office, with multibillion-euro investments spanning Italian hospitality, consumer brands and media.
His half-brother Rocco Basilico, the only other member of the Del Vecchio family working at EssilorLuxottica, resigned last year amid the continuing dispute.
The situation has weighed on the company’s reputation and staff morale, according to the people, despite revenues reaching a record €28.5bn in 2025. EssilorLuxottica’s shares have more than halved since reaching a record high last November.