- LVMH is trying to keep Bernard Arnolt, 76, responsible for another decade.
- The company proposed to change its regulations to raise the age of its president and the CEO to 85.
- The luxury giant had already changed the maximum in 2022 when it was raised from 75 to 80.
The luxury French giant LVMH is trying to keep Bernard Arnolt, 76, responsible for approximately a decade.
LVMH tries to amend its company’s regulations to raise the age limit of the Chairman and CEO to 85, according to the files of its company.
If the shareholders agree to the change during the annual general meeting on April 17, Arnault may continue to lead the company for another nine years. He has been Chairman and CEO of LVMH since 1989.
If the vote is successful, this will be the second time that the luxury train pushes its retirement. In 2022, when Arnault 73 was, LVMH raised the maximum age from 75 to 80.
Bloomberg stated that the first time the change passed, the famous investor Warren Buffett, President of the 93 -year -old Berkchire Hathaway, wrote to Arnol, he told him that he had set the minimum for the new age.
Arnault has many re -discrimination in his brands, including moving his children.
On Wednesday, LVMH said in a statement that the son of Arnolt is the second older son, Friedrich Arkat, who is 30 years old, will be the new CEO Lauro, a brand of Italian cashmere under LVMH.
The company’s statement said that it will start its new role on June 10. Before promoting, he led the watches department at LVMH.
The disposal of the other leadership included Damian Bartrand, the current CEO of Larana, who was promoted to Luis Vuitton CEO and Pierre Edmanuel Angeloglu, CEO of Dior.
According to LinkedIn, Angeloglou is currently the Managing Director of the Fendi Group in LVMH and CEO of Fendi.
All children of Arnault holds the five leadership positions in LVMH, with four of them sitting in the board of directors.
LVMH representatives did not respond to a comment from Business Insider, sent outside normal working hours.
