LVMH heading towards top-hierarchy changeover

LVMH is laying the groundwork for its next chapter. Over the last few months, the world’s leading luxury goods group has been busy rejuvenating its senior hierarchy, in order to prepare the generational changeover at its very top, where Bernard Arnault is still leading the group with an iron grip. A number of changes have been made to LVMH’s executive committee, as some of Arnault’s close collaborators are gradually stepping down. In addition to this, on Thursday November 7, Chantal Gaemperle, the group’s head of HR and synergies, was dismissed. LVMH has not commented on the news, reported by La Lettre, but Gaemperle’s unexpected ousting has freed up another slot within the executive committee, currently undergoing an overhaul.

The top-level manoeuvres began at the start of the year, when Sidney Toledano, head of LVMH Fashion Group, the group’s fashion division (except for Dior and LVMH), left the executive committee. Then the group announced that Toni Belloni, group managing director and president of the executive committee, was retiring. He was succeeded by Stéphane Bianchi, named deputy managing director, effectively Arnault’s new right-hand man. Chris de Lapuente, head of LVMH’s selective perfumery division, also retired and left the group in 2024. He hasn’t been replaced for the time being. 

Group CFO Jean-Jacques Guiony is also set to retire. He will reportedly be replaced at the end of 2025 by the new deputy CFO, Cécile Cabanis, already an executive committee member. Notably, two younger executives joined the committee last year: Jérôme Sibille, head of administrative and legal affairs, and Stéphane Rinderknech, in charge of the beauty and hotel businesses.

Ongoing transition

Among the serving executive committee members most at risk of being replaced there is surely Philippe Schaus, head of LVMH’s wines and spirits division, who is said to be on the way out. However, LVMH has so far denied this rumour, which was reported once again by La Lettre, and confirmed by another media source, Charente Libre.

Nicolas Bazire, in charge of the group’s development and acquisitions, could also reportedly be led to step down. Bazire was involved in the so-called Karachi affair, relating to the secret funding of French politician Edouard Balladur’s 1995 presidential bid, and is awaiting the appeal court’s decision, which is expected next January. In the course of 2024, Bazire has been removed from LVMH’s board of directors, and later replaced by Frédéric Arnault, one of Bernard Arnault’s five children, as CEO of Financière Agache, the Arnault family’s holding company, which controls LVMH.  

There is also a question mark regarding the future of Michael Burke, another Bernard Arnault faithful. In January, Burke was picked to succeed Sidney Toledano at the head of LVMH Fashion Group, but he has retired in the meantime, and has been replaced by Pierre-Emmanuel Angeloglou as Fashion Group boss, while keeping his place on the executive committee.

Meanwhile, another two of Bernard Arnault’s children, Frédéric and Alexandre, have been appointed to the LVMH board in the course of this year, joining siblings Delphine, also a member of the executive committee, and Antoine. All of Bernard Arnault’s children, save for the youngest, Jean, are now on the group’s board. The handover to the new generation that will steer LVMH in the future is therefore well under way, both in terms of the Arnault family and of the group’s top executives.