The Italian eyewear company is striving to rebuild its top management team after parting ways with two CEOs in as many months. It said on Wednesday that a veteran manager from Procter & Gamble would become a co-chief executive in January.

Rifts with Del Vecchio were behind the abrupt exit of long-time boss Andrea Guerra and his successor Enrico Cavatorta, who stepped down on Oct. 13 after just six weeks in the job.

Since Guerra's exit in early September, Del Vecchio has returned to play a more prominent role at the group after a decade out of the limelight.

"My return at the company is temporary and solely aimed at easing changes taking place," Del Vecchio, who owns 61 percent of Luxottica, wrote in a letter to employees seen by Reuters.

Luxottica switched in September to a dual CEO model, drawing criticism from some analysts who say it hampers decision-making.

"Once the new governance structure is consolidated, I will again hand over to managers the task of leading Luxottica's future," Del Vecchio said.

When he hired Guerra back in 2004, his choice was seen as a rare example of an Italian entrepreneur who was ceding control of a family business to an outsider.

But the exits of two well respected managers in just over a month have raised investor concerns about Luxottica's governance and future.

"The vacuum has brought back 79-year-old Del Vecchio and some of his associates centre-stage. This is unfortunate, inappropriate and a risk," Exane BNP Paribas wrote in a note on Friday, upgrading the stock to "neutral" after the recent share price fall.

In January, P&G's Adil Mehboob-Khan is set to join Luxottica's current chief operating officer, Massimo Vian, who will be appointed as the other co-CEO next week when the board meets to approve third-quarter results.

"Let's look at the future. Adil Khan ... has accepted with enthusiasm to join our team and will be perfectly complementary to Massimo Vian," Del Vecchio said.

The chairman, meanwhile, said he would keep his family out of his business. He has six children from three relationships and is currently remarried to his second wife whom he had previously divorced.

"I would like to reassure you that through these changes there hasn't been and there never will be any influence from my family, numerous and complex, which for this reason I love intensely and equally in its entirety," Del Vecchio said.

The ownership of the holding company through which Del Vecchio controls Luxottica is being revised following his latest marriage, sources close to the matter have said.

(Reporting by Valentina Za; editing by Jane Baird)