top of page
Search

Bernard Arnault Wants to Stay at the Helm of LVMH Until 85

The publication of the documentation for the LVMH Annual General Meeting on the group's official website, which is set to take place on Thursday, April 17, 2025, went almost unnoticed.


Among other things, it includes proposals for investor voting on raising the age limit for the following positions:


  • Chief Executive Officer – from 80 to 85 yo

  • Chairman of the Board of Directors – from 75 to 85 yo


Since 1989, Bernard Arnault has been the unwavering leader of LVMH. In April 2022, the CEO age limit was already raised from 75 to 80. In March 2025, he turned 76, and it looks like has reconsidered his decision, opting to stay even longer.


Of course, these changes still need to be voted on, but is there really any doubt about the outcome?

ph.: Reuters
ph.: Reuters
 

If, like me, you're wondering how Bernard Arnault can hold the position of Chairman of the Board of Directors at 76 when the age limit is 75—the answer is the following.


In other words, Bernard Arnault retains his position until the Annual Shareholders’ Meeting on April 17, 2025, and his term is considered to have ended at the close of that meeting. Therefore, if the resolution to increase the age limit is voted on before the meeting ends, and given that the bylaws do not specify a delayed mechanism for implementing amendments (e.g., requiring further registration or approval), Bernard Arnault’s position as Chairman of the Board of Directors would not be terminated upon reaching the age of 76. Instead, since the new age limit will be raised to 85 through the vote, and the changes take effect immediately, his term would continue seamlessly.


Two key nuances to note in this context:

1) The LVMH bylaws do not set a direct age limit for Board members, except for the provision under Article 11:

2) In the agenda of the Annual Shareholders' Meeting, the resolution to increase the age limit is listed as Resolution No. 28, whereas the resolution for Bernard Arnault’s renewal as a Board Director comes before it as Resolution No. 6.


This order might seem confusing, but this does not violate the bylaws because:

  • there is no explicit age limit for individual Directors;

  • the Chairman of the Board of Directors is elected by the Board members themselves, not by investors at the Shareholders' Meeting.


P.s. I would still name the procedure as reelection rather than renewal, in accordance with the way it is stated in the bylaws. Anyway, does it feel like I am analyzing too much? x



 

The special edition on LVMH following the presentation of FY2024 results is here.


bottom of page