Top executive Bernard Arnault of French luxury group LVMH is far from retiring: he wants to remain chairman of the board until he is 85. Thus he debunks persistent rumours about his succession.
Speculation
LVMH, the parent company of luxury brands such as Louis Vuitton, Christian Dior, Bulgari and Veuve Clicquot, wants to raise the age limit for CEO and chairman positions to 85, according to documents to be voted on at the general meeting on 17 April. Three years ago, the maximum age limit was raised from 75 to 80. Arnault is now 76 and thus seems to want to stay at the head of the company for years to come.
There has been much speculation recently about the top executive’s possible succession by one of his five children: Delphine, Antoine, Alexandre, Frédéric and Jean already hold senior positions in the company today. Arnault may want to avoid an internal battle for as long as possible.
