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LVMH shareholders on Thursday voted to allow Bernard Arnault, 76, to remain at the helm of the world’s largest luxury group until he’s 85.
The shareholders approved a change to company bylaws that raises the maximum age of its chairman and chief executive officer from 80 in a resolution that passed with 99.18 percent of the vote.
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 fashion houses, hotels and cognac 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, 50, and Antoine, 47, are children from his first marriage.
Alexandre, 33, Frederic, 30, and Jean, 26, are children of the luxury executive’s current wife, Helene Mercier.
By Mimosa Spencer and Tassilo Hummel; Edited by Makini Brice
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