LVMH plans to propose that shareholders raise the age limit for its CEO and chairman to 85, allowing Bernard Arnault, 76, to continue leading the luxury goods group. Arnault, who has built LVMH into the world’s largest luxury brand, has not yet named a successor despite his five children working within the company, with four on the board. The amendment vote will occur at the general meeting on April 17, following a previous increase of the CEO age limit to 80 in 2022. The Arnault family retains significant control over LVMH with 49% ownership and 64.8% voting rights.
Paris:
LVMH plans to propose that shareholders approve an increase in the age limit for its CEO and chairman to 85 years, enabling its billionaire leader, Bernard Arnault, to stay in charge of the French luxury goods conglomerate for a longer period.
At 76 years old, Bernard founded the group and has grown it into the largest luxury brand globally, serving as both the CEO and chairman of the board, which has made him the richest individual not residing in the United States.
However, he has not yet appointed a successor, despite the involvement of his five children, who are aged between 27 and 49, with four of them sitting on the board.
During the upcoming annual meeting on April 17, shareholders will be asked to vote on a change to “align the age limits for the Chairman of the Board of Directors and the Chief Executive Officer, raising them to 85 years,” as stated in an official gazette. The age limit for the CEO was already increased to 80 in 2022.
In July 2022, Bernard Arnault reinforced the family’s control over LVMH by restructuring his Agache holding company into a limited partnership.
The Arnault family holds a 49 percent stake in LVMH’s capital and possesses 64.8 percent of the voting rights. In 2024, LVMH reported a net profit of 12.55 billion euros ($14 billion) on revenues of 84.7 billion euros.
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