LVMH will ask shareholders to raise the age limit for its CEO and chairman to 85, allowing its billionaire boss Bernard Arnault to remain longer at the helm of the French luxury goods group.
Bernard, 76, created the group and has grown it into the world's largest in its sector, holding the position of both chief executive and chairman of the board, and making him the wealthiest man outside the United States.
But he has yet to name a successor, even though his five children -- ranging in age from 27 to 49 -- work for the group and four sit on its board.
At the company's next general meeting on April 17, shareholders will be asked to vote on an amendment to "to harmonize the age limits for the Chairman of the Board of Directors and the Chief Executive Officer, bringing them to 85 years," according to a posting in an official gazette. The company had already raised the age limit for CEO to 80 in 2022.
In July 2022, Bernard Arnault consolidated family control over LVMH by reorganizing his Agache holding company into a limited partnership.
The Arnault family owns 49 percent of LVMH's capital and 64.8 percent of the voting rights. In 2024, LVMH generated net profit of 12.55 billion euros ($14 billion) on sales of 84.7 billion euros.
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