LVMH, the world’s leading luxury goods company, has seen a significant shakeup in its board of directors with the addition of two new members. The sons of Bernard Arnault, the world’s richest man and CEO of LVMH, have been elected to the board following a shareholder vote. The new members bring the total number of Arnault’s children on the board to four out of five.
The election results were a formality as the Arnault family group already holds a significant stake in LVMH, owning 48.6% of its capital and controlling 64.3% of the votes. Alexandre, 31, holds the position of executive vice president at Tiffany, while Frédéric, 29, serves as CEO of Tag Heuer. Two other children from a previous marriage, Delphine and Antoine are already serving on the board. The youngest sibling Jean will have to wait his turn.
LVMH also announced that Wei Sun Christianson will succeed Antonio Belloni as their number two executive at the end of March. Christianson is an expert in business in China and comes from Morgan Stanley. With a notable presence in China, having an expert like Christianson on board will provide valuable insights into the region’s business landscape according to Arnault.
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