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Rocco Basilico, a key figure within the EssilorLuxottica empire, is stepping down from his executive roles at the start of the new year. The move comes as the family of the company’s late founder, Leonardo Del Vecchio, navigates internal discussions regarding the control of Delfin, the holding company that owns EssilorLuxottica. Basilico is pursuing independent investment opportunities, with a focus on innovation and technology.
Rocco Basilico, 35, is leaving his positions within EssilorLuxottica to pursue his own entrepreneurial ventures. The son of Nicoletta Zampillo and banker Paolo Basilico, and a 12.5% shareholder in Delfin, Basilico has resigned as chief wearables officer of the eyewear giant founded by Leonardo Del Vecchio, and as president of the Oliver Peoples brand, the company confirmed on November 30. He intends to focus on investments in the innovation and technology sectors, areas central to his work throughout his career.
Partnership with Meta
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After sixteen years based in New York and Los Angeles, Basilico will formally depart in January. He had been considering launching his own initiative after six years of work supporting EssilorLuxottica’s entry into the smart eyewear market. During this time, he fostered a relationship with Meta CEO Mark Zuckerberg, bringing him to Italy in 2019 to meet with Del Vecchio, and played a key role in establishing the partnership between the two companies. However, ongoing tensions among the eight shareholders of Delfin appear to have accelerated his decision. The turning point reportedly came after the Delfin assembly on November 13, when Leonardo Maria Del Vecchio, the founder’s fourth son, raised questions about the transfer of the 12.5% beneficial interest from his mother, Nicoletta Zampillo, following Leonardo Del Vecchio’s passing in 2022.
According to sources, Basilico’s ownership stake may not be fully recognized, potentially impacting his voting rights. Leonardo Maria Del Vecchio’s intervention aimed to encourage other shareholders to finalize the outstanding matters related to the inheritance. However, the atmosphere among the eight Delfin shareholders remains strained. This prompted Basilico to seek opportunities outside the group, a departure described as amicable by both sides.
Disagreements Among Family Branches
“He leaves at a time when our leadership position in the category is well-defined and our talent pool, particularly in the wearables sector, is very strong,” EssilorLuxottica stated. The multinational company acknowledged Basilico’s successful leadership of the wearables technology team. The executive will take time to develop his new project and address matters within Delfin, while the company begins the process of identifying a successor, potentially from within.
EssilorLuxottica’s Investment Strategy
Beyond smart eyewear, EssilorLuxottica, currently valued at approximately €143 billion (USD $166 billion), is investing in medical technology, including artificial intelligence applications in clinical settings, and is expanding beyond ophthalmology, according to CEO Francesco Milleri in a recent interview with Bloomberg.
Three and a half years after the death of Luxottica’s founder, an agreement on the acceptance of the inheritance has yet to be reached. The Delfin assembly, the Luxembourg-based holding company controlling stakes in EssilorLuxottica and Covivio, as well as MPS, Generali, and Unicredit, registered differing opinions among the heirs on November 17.
