- LVMH is trying to keep Bernard Arnault, 76, in charge for nearly another decade.
- The company proposed changing its bylaws to raise the age limit of its chairman and CEO to 85.
- The luxury giant had already changed the limit once in 2022 when it was raised from 75 to 80.
French luxury giant LVMH is trying to keep Bernard Arnault, 76, in charge for nearly a decade more.
LVMH is trying to amend its company bylaws to raise the age limit for its chairman and CEO to 85, per its company filings.
If shareholders agree to the change during the annual general meeting on April 17, Arnault could continue to helm the company for another nine years. He has been the chairman and CEO of LVMH since 1989.
If the vote is successful, it will be the second time the luxury tycoon pushes back his retirement. In 2022, when Arnault was 73, LVMH raised the age limit from 75 to 80.
Bloomberg reported that the first time the change went through, famed investor Warren Buffett, the then-93-year-old head of Berkshire Hathaway, wrote to Arnault, telling him he had set the new age limit too low.
Arnault has made several leadership reshuffles in the brands he owns, including moving his children around.
On Wednesday, LVMH said in a statement that Arnault’s second-youngest son, 30-year-old Frédéric Arnault, would be the new CEO of Loro Piana, an Italian cashmere brand under LVMH.
The company statement said he would start his new role on June 10. Before the promotion, he led LVMH’s watches division.
Other leadership shake-ups included Damien Bertrand, the current CEO of Loro Piana, being promoted to deputy CEO of Louis Vuitton, and Pierre-Emmanuel Angeloglou being appointed deputy CEO of Dior.
According to his LinkedIn, Angeloglou is currently the managing director of LVMH’s fashion group and the CEO of Fendi.
All five of Arnault’s children hold leadership positions in LVMH, with four of them sitting on the board of directors.
Representatives for LVMH did not respond to a request for comment from Business Insider, sent outside regular business hours.
