Leonardo Maria Del Vecchio asks for a change of pace in EssilorLuxottica and a proposal on banking risk

Leonardo Maria Del Vecchio urges the board of directors to present a proposal on banking risk and asks for a change of pace in EssilorLuxottica, to restore stable growth. He calls for more structured and full-time governance and announces personal investments in publishing, considered an essential infrastructure for the country

Turning point on the horizon at the Delfin house. On the occasion of the Ambrosetti Forum in Cernobbio, Leonardo Maria Del Vecchio launched a clear message urging the start of a new management phase. The fourth son invites the members to dialogue to "bring the board back to its natural role", a message directed to the brothers and the management, starting with the president Francesco Milleri, whose mandate will expire next spring. The decision, he underlines, will be up to the majority of shareholders, evaluating results and strategies, including those on banking risk. Del Vecchio urges the board of directors to present a clear proposal. The holding holds 32% of EssilorLuxottica, as well as strategic shares in MPS (17.5%), Generali (10%) and Unicredit (2.7%).

The holding company's priorities

Del Vecchio reiterates that the members will have to choose "the best economic offer and the best prospect for the future", without neglecting the interests of the country system. However, he specifies that Delfin "is not just looking at the banks": the priority remains to strengthen EssilorLuxottica, considered the central industrial asset of the holding.

The relationship with EssilorLuxottica

Regarding the eyewear group, Del Vecchio hopes for "a change of strategy and a new phase". He explains that "a dualism has been created between me and Francesco Milleri, when instead the company must return to the centre, which is the legacy, the true investment of Delfin, the true legacy of our father, who lost 50% on the stock market". The objective, he states, is to guarantee "another 10 years of success", regardless of who will be at the helm: "Whether it is me and Francesco Milleri or Tizio and Caio is not important - he points out - What is important are the 250 thousand people who work there". The new strategy will have to be shared with all shareholders, "not only us eight heirs, but also the remaining 66%".

You might be interested

The EssilorLuxottica game: eight heirs and no master

Governance and the role of the board

For Del Vecchio, at the helm of the company there must be someone who knows how to interpret the new shared strategy. He adds an explicit criticism: "I would like board members to be board members and to do it full-time, not part-time." A clear, long-term vision is needed: "Not 3 years - he clarifies - but fifty". Banks, he observes, are a financial investment, the industrial investment to be protected is Luxottica, which "must be brought back to 300 euros".