The company that owns the bulk of the Arnault family's stake in LVMH Christian Dior SE said on Friday its board of directors has decided to name Antoine Arnault as chief executive officer (CEO) of Christian Dior SE and vice-chairman of the board of directors to replace Sidney Toledano.

"This choice was made in the context of the conversion of Agache SE into a limited joint-stock partnership, which occurred on Dec. 6, and will permit the long-term family control over Christian Dior SE and LVMH Moët Hennessy - Louis Vuitton SE to be perpetuated." the statement said.