STOCKS | EssilorLuxottica CEO Reshapes Top Management Team

EssilorLuxottica Group Chief Executive Francesco Milleri has overhauled the eyewear giant's top management team. According to Sina Finance, people familiar with the restructuring said the Milan-based Franco-Italian joint venture is trying to integrate its traditional eyewear business with its expanding medtech business, and Milleri has streamlined the group's senior management team. The changes follow several executive departures as the company seeks faster growth in North America, its largest market. According to Sina Finance, Milleri spent nearly three months in the U.S. this year overseeing the expansion of the group's healthcare services and smart glasses businesses. Leonardo Maria Del Vecchio, the heir to the founding family, stepped down last month as chief strategy officer and chairman of the Ray-Ban brand, triggering the management shake-up. According to Sina Finance, the head of research, the head of marketing, and the chief commercial strategy officer also left this summer. People familiar with the talks said the group will not replace Del Vecchio's role, while other departing executives' responsibilities have been folded into existing posts. According to Sina Finance, Cristel Baranger was named chief growth officer, Davide Schinetti's remit was expanded to chief operating and research officer, and Alfonso Cerullo was promoted to oversee the group's optical retail, medical, and surgical-related businesses in North America. The company said 2025 revenue reached a record 28.5 billion euros, but people familiar with the matter said the family feud has hurt its reputation and employee morale. According to Sina Finance, EssilorLuxottica's shares have more than halved since hitting a record high last November.