Alexandre Arnault and Frédéric Arnault, aged 31 and 28 respectively, join the LVMH Board of Directors. They join two other children of the Group’s Chairman and CEO, Delphine and Antoine.
At the Annual General Meeting on Thursday, April 18, shareholders overwhelmingly approved the appointment to the Board of Alexandre Arnault, Vice President Product and Communications at jeweler Tiffany & Co, and Frédéric Arnault, CEO of the Group’s new watch sub-division. They join their brother and sister, Delphine, 49, Antoine, 46, and Frédéric Arnault.
With these appointments, Bernard Arnault strengthens the family holding company’s position in the management of the luxury goods group.
The Arnault siblings soon to be complete
Alexandre Arnault and his younger brother Frédéric received 93.41% and 93.43% of the votes respectively. Alexandre and Frédéric join Delphine and Antoine, respectively Chairman and CEO of Christian Dior Couture and Director of Communications, Image and Environment at LVMH.
At the age of 28, Delphine Arnault was the first of Bernard Arnault’s children to join the luxury goods group’s Board of Directors in 2003. Her appointment marked the Group’s determination to rejuvenate its Board of Directors, the youngest of whom was 52 at the time. The announcement was also a reminder of the need to move towards greater parity, with 11 men on the 12-member board at the time.
She was followed in 2006 by Antoine Arnault, eldest son of Bernard Arnault, then aged 29. Although he recently stepped down as CEO of Berluti, Antoine Arnault has retained his position as Chairman. His mandate on the Board of Directors has just been renewed with 92.57% of the vote.
Jean, 25, Director of Marketing and Product Development for Louis Vuitton and the youngest of the Arnault siblings, is now the only child of the CEO of the world’s number one luxury goods company not to sit on the Board of Directors. Asked about a possible appointment, Bernard Arnault said, “He has time, he’s young“.
In addition to the Arnault children, Henri de Castries, 69, former CEO of insurer Axa and current chairman of Institut Montaigne, was also appointed to the board with 99.94% of the vote. For their part, Charles de Croisset and Yves-Thibault de Silguy are stepping down from the Board after 15 years, as is Nicolas Bazire, “a loyal member for 25 years”.
The importance of a long-term vision
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Read also > BERLUTI : ANTOINE ARNAULT HANDS OVER GENERAL MANAGEMENT BUT KEEPS THE PRESIDENCY
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