Bernard Arnault, the world’s richest man, has solidified his family’s control of LVMH after two of his sons joined the company’s board. Alexandre, 31, is the executive vice president at Tiffany, while Frédéric, 29, serves as the CEO of Tag Heuer. This brings the total number of Arnault children on the board to four out of five. The family group already owns a significant stake in LVMH, with 48.6% of its capital and controlling 64.3% of its votes. Two other children from a previous marriage are already serving on the board.
LVMH announced that Wei Sun Christianson will succeed Antonio Belloni as its number two executive in March. Christianson comes from Morgan Stanley and specializes in business in China, a crucial market for LVMH. 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.
Bernard Arnault and his family are currently ranked as the wealthiest individuals in the world, with a combined fortune of $214 billion surpassing other prominent figures such as Jeff Bezos of Amazon and Elon Musk of Tesla and SpaceX. The shareholder meeting where the sons were elected saw overwhelming support, with each son receiving over 93% of the votes cast.