The chief executive of EssilorLuxottica, Francesco Milleri, has undertaken a significant overhaul of the eyewear giant's senior management team, following a bitter public dispute with the founder's son and as the group intensifies its push into the North American market.
According to sources familiar with the restructuring, the Milan-based Franco-Italian company is attempting to integrate its traditional eyewear operations with its expanding medical technology business. Milleri has streamlined the group's senior management structure in response to these strategic priorities. This personnel shake-up comes in the wake of several high-profile executive departures.
EssilorLuxottica is currently seeking to accelerate growth in its largest market, North America, and insiders note that Milleri has spent nearly three months in the U.S. this year, overseeing the expansion of the group's healthcare services and smart eyewear divisions.
The management reshuffle was triggered last month when Leonardo Maria Del Vecchio, heir to the founding family, abruptly stepped down from his roles as group chief strategy officer and chairman of the Ray-Ban brand. The head of research and development, the marketing chief, and the chief commercial strategy officer also departed over the summer.
Sources indicate that the group will not seek a replacement for Del Vecchio's position, and the responsibilities of the other departed executives have been absorbed into existing roles. Cristel Baranger has been appointed chief growth officer, Davide Chinetti has seen his responsibilities expanded to become chief operating and R&D officer, and Alfonso Cerullo has been promoted to lead the group's optical retail, medical, and surgical operations in North America.
The founder, Leonardo Del Vecchio, passed away in June 2022, leaving his family embroiled in a fierce internal battle over the future of the business empire, in which the family holds a 32% controlling stake in EssilorLuxottica. Leonardo Maria stated that his decision to leave was driven by a breakdown in his relationship with Milleri and concerns about the direction of the company's transformation.
In his resignation letter, he wrote, "The passion for the work is gone, the sense of belonging is diminished, and the divisions between people are clear to see." Speaking at the Ambrosetti Business Forum on Lake Como on Sunday, Leonardo Maria said Milleri's term, which expires in April 2027, faces an "uncertain" future regarding renewal, a decision that would require the support of the Del Vecchio family.
The rapid deterioration of their relationship is notable, as just this March, Leonardo Maria stated in an interview that he viewed Milleri as the successor to his father's legacy and the ideal person to lead EssilorLuxottica's transformation. During Milleri's tenure, EssilorLuxottica's revenue has nearly doubled, solidifying its position as the world's largest eyewear company. The group employs over 200,000 people globally and is known for its comprehensive employee benefits and stock ownership plans.
Earlier this year, Leonardo Maria sought a €12 billion loan to buy out his two siblings' shares but failed to secure backing from the family holding company chaired by Milleri, according to people familiar with the negotiations. This failure further inflamed tensions and ultimately led to his dramatic exit from EssilorLuxottica.
Insiders also reveal that over the past year, Leonardo Maria has gradually reduced his involvement in the group's operations, instead building his own family office with multi-billion-euro investments in Italian hotels, consumer brands, and media. Another Del Vecchio family member still employed at EssilorLuxottica is his half-brother Rocco Basilico, who resigned last year amid the ongoing family disputes.
Although the group posted record revenue of €28.5 billion in 2025, sources say the family infighting has damaged the company's reputation and dented employee morale. Since hitting an all-time high last November, EssilorLuxottica's share price has fallen by more than half.