Leonardo Maria Del Vecchio Resigns from EssilorLuxottica Management Positions
Details of Leonardo Maria Del Vecchio's Resignation
Announcement of Resignation
ROME, Aug 25 (Reuters) - Leonardo Maria Del Vecchio, scion of the Italian eyewear family, has decided to step down from management roles in EssilorLuxottica the Franco-Italian group said on Tuesday, confirming press reports.
Positions Vacated and Effective Date
Italian daily MF-Milano Finanza first reported that the son of the late founder of Italian glasses maker Luxottica, Leonardo Del Vecchio, would quit as chairman of the Ray-Ban brand and as chief strategy officer, effective August 31.
Company Statement
"We express our gratitude for his contribution to the group's growth and the realisation of the strategic vision championed by his father. We wish him equal success in his new venture," an EssilorLuxottica spokesperson said.
Reasons Behind the Resignation
Criticism of Management Style
According to MF, Del Vecchio criticised the management style of CEO Francesco Milleri in a resignation letter seen by the paper, which said that the company was being run in a "distant" and "impersonal" manner.
Family Stake in EssilorLuxottica
The Del Vecchio family holding, Delfin, is the leading shareholder in EssilorLuxottica, with a 32.4% stake.
Reporting Credits
(Reporting by Francesca Piscioneri and Elisa Anzolin, editing by Alvise Armellini)
