Bernard Arnault is taking a page out of the Logan Roy succession handbook.
The billionaire CEO of LVMH, who is currently 76 years old, reportedly wants to keep running the company for the next nine years. During the company’s annual general meeting next month, shareholders of the luxury conglomerate will receive a resolution to allow Arnault to serve as chief executive until he turns 85, according to a document published on the LVMH website, WDD reported.
This is just the latest age extension that LVMH shareholder have signed off on. In 2022, the group voted to amend the company’s bylaws to allow the CEO’s age limit to rise from 75 to 80, the publication says.
Arnault’s succession plan has long been up for debate, as the public waits to see which of his offspring will ascend to the top of the LVMH food chain upon the CEO’s retirement. All of the billionaire’s children currently hold lofty positions in the luxury conglomerate: Delphine Arnault is the head of Christian Dior Couture; Antoine Arnault is the CEO of Christian Dior SE, as well as the head of communication, image, and environment at LMVH; Alexandre Arnault is the deputy CEO of Moët Hennessy; Frédéric Arnault was tasked with headed the LVMH watch division last year; and (last but not least) Jean Arnault is the director of watches at Louis Vuitton.
Alexandre, 32, and Frédéric, 29, were also appointed to the LVMH board of directors at last year’s annual meeting. Delphine, 49, and Antoine, 47, were already members of the board, both joining before they turned 30. The family’s holding company owns 49 percent of LVMH’s share capital and 64.8 percent of the voting rights, WWD reported.
And though Bernard hasn’t given any hints as to who will inherit his empire, he has long been prepping his children to take on the job. Starting in their childhoods, the CEO has taken his kids with him on business trips and to negotiations.
Despite the succession pressure, it seems the Arnault children get along just fine, unlike a certain Roy clan we know. In addition to their active group chat, the siblings all get together at least once a month with their father to have lunch at the LVMH headquarters in Paris.
“I know it’s disappointing for a lot of people, but we actually get on well,” Antoine told The New York Times in a 2023 interview. We’ll check back in on that when their father retires in 2034.
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