The billionaire CEO of LVMH, who is currently 76 years old, reportedly wants to keep running the company for the next nine years. During the company's annual general meeting next month, shareholders of the luxury conglomerate will receive a resolution to allow Arnault to serve as chief executive until he turns 85, according to a document published on the LVMH website, WDD reported.
This is just the latest age extension that LVMH shareholder have signed off on. In 2022, the group voted to amend the company's bylaws to allow the CEO's age limit to rise from 75 to 80, the publication says.
Alexandre, 32, and Frédéric, 29, were also appointed to the LVMH board of directors at last year's annual meeting. Delphine, 49, and Antoine, 47, were already members of the board, both joining before they turned 30. The family's holding company owns 49 percent of LVMH's share capital and 64.8 percent of the voting rights, WWD reported.
"I know it's disappointing for a lot of people, but we actually get on well," Antoine told The New York Times in a 2023 interview . We'll check back in on that when their father retires in 2034.
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