The LVMH Group has put forth a proposal to extend the age limit for its CEO from 75 to 80 years, allowing current CEO Bernard Arnault, who is 73, to remain in his position for a longer period of time. This proposal will be voted on by shareholders at the Annual General Meeting on April 21.
The official confirmation of this proposal came from the French official bulletin of legal notices and Capital magazine. LVMH has stated that if a CEO reaches the age of 80 during their mandate, they will be considered to have resigned at the end of the AGM that addresses the financial statement for the fiscal year in which they turn 80.
It is worth noting that there are no proposed changes to the age limit for the president position, which remains at 75 years. As for the successor of Bernard Arnault, he has not publicly commented on the matter. However, given that all five of his children are currently employed by LVMH, it is likely that the future leadership of the company will remain within the Arnault family.
LVMH had an exceptional year in 2021, with record-breaking sales and profits. The company reported a revenue of over €64 billion and a net income of €12 billion. These outstanding results further solidify LVMH’s position as the top luxury group worldwide.
The decision to extend the age limit for the CEO demonstrates the unwavering confidence and trust the company has in Bernard Arnault’s leadership. With his continued guidance, LVMH can strive for even greater success in the luxury market.
Sources:
1. French official bulletin of legal notices:
2. Capital magazine:
