Twenty top lieutenants to EssilorLuxottica CEO Francesco Milleri defended him in a memo to staff amid an escalating conflict with Leonardo Maria Del Vecchio, son of the founder, who left his senior role last month. The memo, signed by the company’s chief people, finance, and operations officers, states Milleri is the guardian of founder Leonardo Del Vecchio’s legacy and attributes the over 50% share price drop since November to macroeconomic and geopolitical factors, not management. It follows Milleri’s strained alliance with Leonardo Maria, whose failed €10 billion bid to buy out siblings collapsed over summer.

Leonardo Maria, former chief strategy officer and Ray-Ban chairman, has criticized the board of family holding Delfin Sarl—chaired by Milleri—and suggested its leaders are distracted by banking holdings while EssilorLuxottica remains its key asset. He called on family members to reclaim control of the empire his father left in Milleri’s care. Delfin owns over 32% of EssilorLuxottica, whose market value fell from nearly €150 billion to about €68 billion.

Managers emphasized record sales, profitability, cash generation, and doubled earnings per share over eight years. The company’s AI glasses partnership with Meta Platforms Inc. faces challenges from competition, high costs, and privacy concerns. Analyst Margherita Strazzari of Sempione Sim noted the stock corrected from overly optimistic multiples and governance risks, but still views EssilorLuxottica as potentially undervalued.