Rocco Basilico, chief wearables officer at eyewear maker EssilorLuxottica and one of the heirs of the group’s late founder, is stepping down next month after more than a decade at the company, a company spokesperson said on Monday.
Basilico’s exit comes amid tensions within holding company Delfin, chaired by EssilorLuxottica CEO Francesco Milleri who is the former right-hand man of Luxottica founder Leonardo Del Vecchio.
EssilorLuxottica is focusing on developing AI-powered eyewear in partnership with Meta, which has begun to show results. Although the Ray-Ban Meta-powered glasses have so far accounted for only a fraction of the group’s total revenue, they have become a focal point for analysts and investors, as well as a catalyst for the company’s investments.
“From an operational standpoint, the wearables project is now well advanced in its commercial and technological development phase, and therefore we do not foresee any impact on the group,” Equita analysts said in a note on Basilico’s departure.
Shares of the Paris-listed group were down 1.1 percent on Monday.
“After six years supporting our smart eyewear journey, Rocco Basilico has decided to pursue his personal interests outside of the company,” the EssilorLuxottica spokesperson said.
“He leaves at a time when our position as the category leader is well defined and our talent pipeline, particularly in the wearables space, is very healthy.”
EssilorLuxottica was created by the merger of Italy’s Luxottica and France’s Essilor. Basilico was one of eight heirs to Del Vecchio, who inherited holding company Delfin, which owns a 32 percent stake in the Ray-Ban maker.
Differences among the heirs have prevented them from finalizing the succession process over the past three years.
Basilico, the son of Del Vecchio’s wife from a previous marriage, was recently challenged by the youngest heir, Leonardo Maria Del Vecchio, over his rights in the holding company, daily Corriere della Sera reported last month.
Leonardo Maria Del Vecchio is president of the Ray-Ban brand at EssilorLuxottica.
Delfin declined to comment. Basilico and Leonardo Maria Del Vecchio could not immediately be reached for comment.
By Elisa Anzolin, Gianluca Semeraro
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