The French billionaire and CEO of the posh items group LVMH, Bernard Arnault, overtook Elon Musk to develop into the richest particular person on the planet, after his firm’s shares elevated by 1.5%, in accordance with the Forbes classification yesterday , Thursday.
On account of this improve, Arnault’s wealth reached $ 210 billion, surpassing Musk’s wealth, which is estimated at $ 208.6 billion.
The billionaire Arnault household owns 48% of LVMH’s capital and controls 64% of the voting rights on the planet’s largest luxurious items group, in accordance with the Monetary Instances.
The group owns 80 manufacturers together with Louis Vuitton, Dior and Tiffany & Co, starting from vogue and leather-based items to shops and lodges.
All 5 of Bernard’s kids have positions inside the luxurious group, and solely the youngest, named Jean, doesn’t but have a seat on the board of administrators. All of the modifications within the careers of the 5 sons are being intently scrutinized for indicators of who would possibly in the future succeed the 75-year-old group patriarch.
Nevertheless, Bernard Arnault has indicated that he doesn’t intend to retire anytime quickly, and two years in the past the group elevated the minimal age for the place of CEO at LVMH to 80 years.
However behind the scenes, the CEO is fastidiously laying the groundwork for succession on the €400bn firm, by appointing his sons to key positions – a course of that has been ramping up since early 2023.
Additionally they reorganized their exterior senior managers to create an intergenerational transition between senior executives who work with the household.
2024-06-07 07:53:30
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