LVMH shareholders agree Bernard Arnault can remain CEO until he is 85

PARIS (Reuters) - LVMH shareholders on Thursday voted to allow Bernard Arnault, 76, to remain at the helm of the world's largest luxury group until he's 85.

The shareholders approved a change to company bylaws that raises the maximum age of its chairman and chief executive officer from 80 in a resolution that passed with 99.18% of the vote.

The maximum age was already increased from 75 in 2022.

Arnault, who is CEO, chairman and - along with his family - controlling shareholder of LVMH, built his sprawling empire spanning fashion houses, hotels and cognac through acquisitions.

Chairman of the company since 1989, the tycoon has not publicly named a successor. Every high-level management change is highly scrutinised, kicking off a fresh round of speculation over which of his five children might succeed him.

All of Arnault's children hold top management positions in the group. The eldest, Delphine, 50, and Antoine, 47, are children from his first marriage.

Alexandre, 33, Frederic, 30, and Jean, 26, are children of the luxury executive's current wife, Helene Mercier.

(Reporting by Mimosa Spencer and Tassilo Hummel; Editing by Makini Brice)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Zimbabwe police: death toll from Lake Kariba boat accident rises to 80
• South Korea says it fired warning shots after North Korean soldiers crossed demarcation line
• Massachusetts anti-hunger advocate fasts to protest Trump food stamp cuts​