Del Vecchio Boosts EssilorLuxottica Grip With Board Nominee

Leonardo Del Vecchio, the billionaire founder of EssilorLuxottica SA, consolidated his grip on the company Wednesday as the board nominated his aide, Chief Executive Officer Francesco Milleri, as a member of the governing body.

The move comes as Del Vecchio, the chairman and largest shareholder, is poised to gain more influence over the Franco-Italian company this year due to the expiration of restrictions on his voting rights.

The maker of Ray-Ban sunglasses said in December it was appointing Milleri CEO until this year, resolving a management dispute. Milleri’s nomination to the board may help clear the way for a longer-term confirmation of that role.

EssilorLuxottica was formed in the 2018 merger of France’s Essilor and Italy’s Luxottica.

©2021 Bloomberg L.P.

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