Francesco Milleri, who was previously Leonardo del Vecchio’s closest aide, has been appointed as the chairman of Delfin, the 27 billion euro holding company. This follows the recent passing of del Vecchio, the founder of Luxottica. The Luxembourg-based company stated that there will be no significant changes in the management of its assets with Milleri at the helm. Milleri, 63, has a long history of working with del Vecchio, starting as an IT consultant at Luxottica. He played a critical role in the negotiations leading to Luxottica’s merger with Essilor, a French lens maker. Milleri was also appointed CEO of EssilorLuxottica last year and has assumed the additional role of chairman following del Vecchio’s death.
According to sources familiar with the matter, Milleri’s appointment signifies continuity in the handling of Delfin’s assets. However, there are uncertainties surrounding del Vecchio’s stakes in financial firms Mediobanca and Generali. Del Vecchio had expressed concerns about the management of these companies and faced a shareholder vote defeat at Generali earlier this year. The renewal of Mediobanca CEO Alberto Nagel’s position in late 2023 is expected to be a point of contention between Milleri and Nagel unless they can resolve their differences.
Delfin also confirmed that Romolo Bardin, another long-time associate of del Vecchio, will continue in his role as Chief Executive. These appointments demonstrate stability and continuity within the company following del Vecchio’s passing.
Initially, del Vecchio’s death raised concerns in the market regarding the fate of his investments, leading to a decline in the shares of Mediobanca and Generali. Del Vecchio held a 19.4% stake in Mediobanca and a 9.8% stake in Generali, making him a significant shareholder in both. Speculations arose that del Vecchio intended to increase his stake in Mediobanca, but this was put on hold after the European Central Bank demanded oversight by Delfin. The responsibility of managing del Vecchio’s business empire now falls on his six children, his wife Nicoletta Zampillo, and her son, Rocco Basilico. Each of them owns a 12.5% stake in Delfin, which holds a 32% stake in EssilorLuxottica worth around 20 billion euros.
In addition to the stakes in EssilorLuxottica, Delfin also possesses a 27% stake in Covivio, a Paris-listed company, and a 2% stake in UniCredit, an Italian bank. Del Vecchio’s will revealed that half of his stake in Delfin was allocated to Zampillo’s son, Basilico. Basilico, who serves as the head of wearable technologies at Luxottica, played a pivotal role in connecting del Vecchio with Mark Zuckerberg, resulting in the partnership between Facebook and EssilorLuxottica and the launch of Ray-Ban Stories, a pair of smart glasses with built-in camera, speakers, and microphones.
Overall, the appointment of Milleri as chairman ensures stability and continuity in managing del Vecchio’s business empire. With his long-standing association with del Vecchio and his crucial role in the Luxottica-Essilor merger, Milleri is well-positioned to oversee the company’s assets and tackle potential challenges, such as the management of Mediobanca and Generali. As the empire transitions to the next generation, the focus will be on preserving the success and growth achieved by del Vecchio throughout his remarkable career.
Useful links:
1. Reuters: Francesco Milleri becomes head of Delfin
2. Bloomberg: Benefits of a formal transition in Luxottica succession
