Bernard Arnault strengthens the family presence on the Board of Directors
The presence of the Arnault family on the LVMH Group Board of Directors was strengthened last Thursday with the appointment of Bernard Arnault's two sons, Alexandre, aged 31, and Frédéric, aged 29, who join their elders, Delphine and Antoine, following approval by the General Meeting.
Alexandre joined Tiffany & Co. in January 2021 and has been Executive Director of Products, Communications, and Industry for the brand since March 2024. He received 93.41% support in the vote, while Frédéric, who joined Tag Heuer in 2017 to oversee connected watches before becoming CEO of the brand in 2020, was then appointed head of LVMH's watch division in early 2024. He received 93.43% of the vote.
The Arnault family company holds 48.6% of LVMH shares and 64.3% of voting rights. Delphine, 49, and Antoine, 46, also sit on the LVMH Board of Directors. Antoine Arnault's mandate was renewed with 92.57% support.
The leading luxury group sees all of Bernard Arnault's children occupying major roles in the group: Delphine is the director of Dior, while Antoine is the chairman of Berluti and Loro Piana.
The changes do not just concern Bernard Arnault's children: the former CEO of insurer Axa and current chairman of the Institut Montaigne, Henri de Castries, has also been appointed to the board with 99.94% support.
Chinese businesswoman Wei Sun Christianson (formerly of Morgan Stanley) will be appointed to succeed Toni Belloni, the group's number two, who announced his departure at the end of March (although he will remain responsible for overseeing LVMH's activities in Italy).
In a statement to the media, Bernard Arnault expressed his hope that economic and geopolitical tensions would ease, in order to pursue fruitful economic collaboration with China. He also affirmed his confidence in China's ability to revive its economy. The slowdown in the Chinese market was one of the factors contributing to LVMH's mixed first-quarter results.
Wei Sun Christianson's role will undoubtedly be crucial in the future development of the group's economic strategies. Bernard Arnault was full of praise for his managerial qualities: "His financial culture, his understanding of the luxury goods market, and above all his fine and invaluable knowledge of China will be invaluable assets for the Board of Directors," he said.
The General Meeting also announced the launch of an employee share ownership plan by the end of the year, as confirmed by Bernard Arnault.
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