French Luxury Giant LVMH Welcomes Two New Board Members, Reinforcing Family’s Control; Wei Sun Christianson Nominated to Join Top Management at LVMH
LVMH, the French luxury goods company, has welcomed two new members to its board of directors: Alexandre and Frédéric Arnault, sons of Bernard Arnault, the world’s richest man. This solidifies the family’s control of the company, with four out of five of Bernard’s children now serving on the board. The shareholder meeting where the sons were elected saw overwhelming support, with each son receiving over 93% of the votes cast.
Bernard Arnault and his family are currently ranked as the wealthiest individuals in the world, with a combined fortune of $214 billion. This surpasses other prominent figures such as Jeff Bezos of Amazon and Elon Musk of Tesla and SpaceX. The youngest sibling Jean, 26, will have to wait his turn to join the board.
In addition to welcoming new board members, LVMH also announced the nomination of Wei Sun Christianson to succeed Antonio Belloni as its number two executive at the end of 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 Bernard.
