Home » Del Vecchio rewrites Delfin’s pacts to ensure continuity in his empire

Del Vecchio rewrites Delfin’s pacts to ensure continuity in his empire

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MILAN – After putting in place the governance of Essillor Luxottica, Leonardo Del Vecchio he puts his hand to that of his Luxembourg safe. Delfin, the holding company that holds 32% of the global eyewear giant. The entrepreneur’s concern is in fact to ensure that his family, consisting of six children born from three different marriages, as well as his wife Nicoletta Zampillo. Each of the children will receive 12.5% ​​of the financial company which, among other things, controls the equity investments in Unicredit, Mediobanca and Generali, and the remaining 25% to his wife. To avoid disputes and cross vetoes, decisions must always be taken with the sharing of the three different groups of heirs and therefore with an 88% majority. But now Del Vecchio has felt the need to also guarantee managerial continuity, for the future appointments of Essilux, where the entrepreneur has chosen Francesco Milleri as CEO of the group.
It will be up to Delfin in the future not only to manage the various holdings but also to present the list for the renewal of Essilux. From this perspective, the changes just introduced to the statute of the financial company should be read, the board of which will be enlarged from 3 to 5 members, in order to have a greater comparison and therefore, in addition to Del Vecchio, Mario Notari, Romolo Bardin are part of the order. , Aloyse May and Giovanni Giallombardo.
In the event that Del Vecchio ceases to have the majority of Delfin, or becomes unable to exercise his rights, it is envisaged that the entrepreneur will be replaced immediately or by a person of his trust, designated by him in writing (an act or a will), or failing that by the highest in rank, namely Notari, Bardin, May and Giallombardo. Nothing is written yet, but many tend to hypothesize that since Milleri is Del Vecchio’s most trusted manager, he will also replace Delfin, precisely to ensure that the leadership and governance of Essilux, as well as the protection of the many employees and people, is always in good hands.

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Each new appointment of a manager in Delfin, unless otherwise provided, must be considered for an indefinite period (and therefore without expiry). So, in summary, Del Vecchio’s successor in Delfin (whose name will be sealed by Del Vecchio himself), together with the other 4 managers who currently make up the board of directors, cannot be removed, unless he himself decides to resign. .

Article 10 also provides that decisions are made by the board coordinated by Del Vecchio, or failing that, to the manager who will succeed him. The ordinary management of Delfin could be delegated to one or more managers, acting individually or together, and in some particular matters it must be approved by a majority of the 5 managers of the holding company, in accordance with its corporate purpose.

Delfin then provides that a portion of the profits will always be allocated to the Del Vecchio foundation, and the rest distributed in the form of a dividend according to the decision of the managers, clearly in agreement with the shareholders’ meeting and therefore with the family. Moral the heirs will not be able to undermine the moral legacy of the entrepreneur, nor that of the companies, starting with the eyewear giant that will be managed by the 5 managers of his trust in the respect and interest of the whole family.

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