LVMH luxury group Chief Executive Bernard Arnault announces their 2019 results in Paris, France, January 28, 2020. REUTERS/Christian Hartmann
March 16, 2022
PARIS (Reuters) – Bernard Arnault, 73, could extend his tenure at the helm of luxury house LVMH to the age of 80, according to a company filing ahead of its annual shareholder meeting.
Shareholders of the world’s largest luxury group, which owns dozens of high end labels including Louis Vuitton, Dior and Tiffany, will vote on April 21 on a change in company bylaws raising the age of its chief executive officer from 75.
Arnault, who is CEO, chairman and the controlling shareholder of LVMH, built his sprawling empire of luxury goods labels stretching from hotels to wristwatches through acquisitions.
Chairman of the company since 1989, the luxury tycoon has not publicly named a successor.
His five children hold senior management positions at labels belonging to LVMH. The eldest, Delphine Arnault and Antoine Arnault, children from his first marriage, are also both on the group’s board of directors.
Alexandre Arnault is an executive at Tiffany while Frederic Arnault is chief executive officer of TAG Heuer.
The youngest, Jean Arnault, joined the group in August and is marketing and development director for Louis Vuitton’s watches division.
(Reporting by Mimosa Spencer; Editing by Cynthia Osterman)
Source: One America News Network
