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Bernard Arnault, 76, could remain at the helm of the world’s largest luxury group LVMH until he’s 85 if shareholders back a company proposal at its annual shareholder meeting on April 17.
Investors in LVMH, which owns high-end labels including Louis Vuitton, Dior and Tiffany, will vote on a change to company bylaws raising the maximum age of its chairman and chief executive officer from 80, according to a company filing.
The maximum age was already increased from 75 in 2022.
Arnault, who is CEO, chairman and, along with his family, controlling shareholder of LVMH, built his sprawling empire spanning hotels and fashion houses through acquisitions.
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Chairman of the company since 1989, the tycoon has not publicly named a successor. Every high-level management change is highly scrutinised, kicking off a fresh round of speculation over which of his five children might succeed him.
All of Arnault’s children hold top management positions in the group. The eldest, Delphine, 49, and Antoine, 47, are children from his first marriage.
Alexandre, 32, Frederic, 30, and Jean, 26, are children of the luxury executive’s current wife, Helene Mercier.
By Mimosa Spencer; Editing by Mark Potter
Learn more:
With Succession in Focus, LVMH Adds Alexandre and Frédéric Arnault to Board
At its annual meeting Thursday, LVMH shareholders approved the luxury conglomerate’s proposal to add two more of chairman Bernard Arnault’s children to its board of directors.
