EssilorLuxottica Heir Rocco Basilico Resigns Amidst Major Company Shifts
Rocco Basilico’s resignation from his role as Chief Wearables Officer at EssilorLuxottica is set to take effect in January, a move that is expected to create significant ripples within the global eyewear and vision care giant. Basilico, the 35-year-old son of Nicoletta Zampillo—the widow of the late Leonardo Del Vecchio—and one of the founder's designated heirs, is stepping down at a time when EssilorLuxottica is aggressively expanding its ambitions into med-tech and new communications technologies.
Born to banker Paolo Basilico, founder of the Kairos Group, and Nicoletta Zampillo, Rocco was, in a sense, "adopted" by Leonardo Del Vecchio following his mother's second marriage to the Luxottica founder. Del Vecchio, who grew up in an orphanage, nurtured Basilico’s career within the company for approximately a decade, during which he particularly focused on markets outside Europe. This close relationship and his significant contributions made it unsurprising that he was included in Del Vecchio’s will—through a complex structure—on par with the founder’s six biological children.
His departure raises considerable questions, particularly given that he, along with Leonardo Maria, is the only heir to have maintained a sustained and prominent role within the company. This exit occurs amidst EssilorLuxottica's extraordinary financial performance, with a market capitalisation exceeding €140 billion and its share price consistently setting new records, trading comfortably above the €300 mark on the Paris Stock Exchange.
Basilico, primarily based in California, played a pivotal role in initiating the groundbreaking partnership between EssilorLuxottica and Meta. It was reportedly he who first established contact with Mark Zuckerberg, the founder of Facebook and Meta, leading to Meta's substantial investment of nearly €3 billion this summer for approximately a 3% stake in EssilorLuxottica. This initial approach, subsequently pursued by Del Vecchio himself and CEO Francesco Milleri, paved the way for the jointly launched smart glasses and an industrial partnership expected to yield further innovative fruits.
The "young" Rocco Basilico is reportedly leaving to channel his energies into his own entrepreneurial projects, which are likely to be developed abroad. Underlying his decision may also be a growing weariness with certain internal dynamics that he no longer wishes to be a part of. This sentiment is amplified by the ongoing impasse regarding the acceptance of Leonardo Del Vecchio’s inheritance, which remains unresolved three and a half years after the founder's death. A November 17 meeting of Delfin, the Luxembourg-based holding company controlling stakes in EssilorLuxottica, Covivio, MPS, Generali, and UniCredit, reportedly revealed persistent differing views among the heirs.
Specifically, two of Leonardo Del Vecchio’s eight heirs are understood to have requested the transfer of a portion of their identical 12.5% stake. Should this request be approved—which necessitates a unanimous vote—it would trigger the other shareholders’ right of first refusal. Basilico himself might pursue a similar strategy, potentially aiming to transfer a small part of his stake to a trust. Such a move would not only align with his reported intentions but also help him raise the necessary liquidity to finance his short-term entrepreneurial initiatives.
