Mar 17, 2022
LVMH: Bernard Arnault could stay in charge for longer
Mar 17, 2022
The LVMH group will put forward at the next AGM a proposal for pushing back the age limit for its CEO from 75 years to 80 years, allowing current CEO Bernard Arnault, who is 73, to remain for longer at the helm of the world’s top luxury group.
At the AGM scheduled on April 21, shareholders will have their say on this proposed amendment to the statutes, deciding whether to set the maximum age for the CEO role at 80, according to the French official bulletin of legal notices, confirming news reported by Capital magazine.
“If the CEO reaches this age in the course of their mandate, they will be considered as having formally resigned at the end of the AGM convened to rule on the financial statement relating to the fiscal year during which such age has been reached,” stated LVMH.
No change is being proposed to the age limit of the president, which remains at 75 years, according to the statutes.
Bernard Arnault has never spoken out about the choice of his successor. His five children are all working for LVMH.
“A change in ownership is unthinkable, and the [Arnault family’s] second generation is responsible for the group's continuity,” said Antoine Arnault, Bernard’s eldest son, cited in an article on French daily paper Le Monde last July.
In 2021, LVMH set new records for sales and profits, recording a revenue in excess of €64 billion, and a net income of €12 billion.
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