Responsibility for running the family vehicle Delfin has passed to EssilorLuxottica Chief Executive Francesco Milleri. He first crossed paths with Del Vecchio as an IT consultant in the mid-2000s and won his mentor’s trust after spearheading Luxottica’s digital transformation. With the billionaire’s backing and affection, he rose to become Luxottica CEO in 2017, eventually taking the same job after its merger with French rival Essilor. He now also chairs the Paris-listed company.
Del Vecchio, by contrast, did not choose a successor from within his family circle. Instead, he created a cumbersome governance structure. He gave his six children, his last wife Nicoletta Zampillo and her son equal 12.5% stakes in Delfin, but chose Milleri to oversee his wealth. Any major changes require 88% of the votes, giving each family member an effective veto, but also making it difficult for them to replace Del Vecchio’s protégé.
Yet the billionaire’s ambitions for the two financial investments were never totally clear. The entrepreneur started buying Mediobanca shares in late 2019 after falling out with CEO Alberto Nagel over funds for a charitable foundation. Del Vecchio accused Mediobanca of being overly dependent on dividends from its 13% shareholding in Generali, and of failing to pursue an ambitious growth plan.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Breakingviews - 🏆 470. / 51 Read more »