Leonardo Maria Del Vecchio has announced his resignation from all managerial positions at eyewear giant EssilorLuxottica, criticizing the company's leadership as "distant" and "impersonal" in a departure letter.
The 31-year-old executive is stepping down as the chairman of Ray-Ban and as the chief strategy officer of the Franco-Italian multinational. His resignation, submitted in a letter to the group's chairman and chief executive officer Francesco Milleri as well as the board of directors, will take official effect on August 31. His departure follows a similar move made last year by his half-brother, Rocco Basilico.
Del Vecchio, the fourth child of Luxottica's late founder Leonardo Del Vecchio, plans to redirect his focus toward new entrepreneurial ventures. In his resignation letter, which was first reported by the Italian financial publication Milano Finanza (MF), he addressed Milleri directly. He described the current corporate management as being far removed from the employees, arguing that workers "must once again be put at the centre" of the group, mirroring the corporate culture of "Luxottica twenty years ago."
A spokesperson for EssilorLuxottica confirmed the resignation, offering thanks to the departing executive. The spokesperson acknowledged his contributions to the group's overall growth and his role in executing the strategic vision established by his father, while wishing him success in his upcoming entrepreneurial projects.
In his letter, Leonardo Maria Del Vecchio—often referred to by his initials LMDV—emphasized the critical value of direct, personal contact within the workplace. He recalled his own history with the company, writing, "I keep talking to people in the company. I did it when I was a store manager and I have never stopped doing it." However, he warned that the internal atmosphere has deteriorated, stating that "the enthusiasm is not what it was. The sense of belonging is not what it was. The distance can be felt. And people sense it before the markets. Always."
Despite his sharp criticisms, Del Vecchio framed his departure as a professional success rather than a setback. He explained that his three-year mandate at Ray-Ban concluded this year with all performance targets exceeded. "I am not leaving after a defeat. I am leaving after doing my job," he wrote, adding that he leaves behind "a stronger brand, projects that will continue and, above all, a team that does not need me to know what it has to do. For me that matters more than any title."
While stepping away from daily management, Del Vecchio Jr. confirmed he will remain closely tied to the company as a major shareholder. He stated his intention to fully exercise his responsibilities through Delfin, the family's controlling holding company. "I will continue to defend the company's independence, its ability to grow and the need for it to have stable ownership and a long-term vision," he wrote.
Del Vecchio drew direct parallels to the legacy of his late father, who founded the original Luxottica in the 1960s. Today, the merged giant generates more than 28 billion euros in annual revenue. "This is not the Luxottica I grew up in. And it is not the Luxottica I remember alongside my father," he noted. He acknowledged that his father "could be extremely tough," but emphasized that he maintained an "almost physical" connection to the company and its workforce, always staying informed and ready to correct course when necessary.
According to LMDV, transforming into a large multinational corporation should not result in the "depersonalisation" of relationships, which risks destroying the foundational sense of belonging. "People must be put back at the centre. Not in slogans. In behaviour," he urged, writing that his father did not just build a massive corporate entity, but "a place where hundreds of thousands of people believed they could build something together with him. Losing that would be far more serious than missing a budget target."
Beyond his former operational roles, Del Vecchio holds a 12.5% stake in Delfin. The holding company controls roughly 32.4% of EssilorLuxottica, in addition to holding more than 17% of Banca Monte dei Paschi di Siena, about 10% of Generali, 2.7% of UniCredit, and de facto control of the international real estate group Covivio. His departure comes at a time of ongoing family division; more than four years after the founder's death, his eight heirs have yet to reach an agreement on how to execute his will.
