LVMH trying to keep billionaire Bernard Arnault as CEO until he turns 85

Luxury conglomerate LVMH is trying to clear a path that would allow billionaire Bernard Arnault to stay at the helm for nearly another decade — until he’s 85.Shareholders in the company – which owns high-end brands like Louis Vuitton, Dior and Tiffany – are set to vote April 17 on a proposal to raise the maximum age in the company bylaws for its chairman and chief executive, according to a company filing.Currently, LVMH’s maximum age is set at 80.The company did not immediately respond to a request for comment.It’s not the first time LVMH has hiked the age cap – raising it from 75 in 2022 – as Arnault remains the massive firm’s chairman, chief executive and controlling shareholder, along with his family. Arnault, 76, and his family have a net worth of $172.1 billion, taking the fifth-richest slot on the world billionaire list, according to Forbes.The businessman – who has served as LVMH’s chair since 1989 – has not yet named a successor, so each organizational shift under his lead has been highly scrutinized. Late on Wednesday, LVMH announced his son Frederic, who currently leads the group’s watches division, will replace Damien Bertrand as chief executive of Italian luxury brand Loro Piana.Bertrand is being promoted to deputy chief executive of Louis Vuitton, the company said.Arnault oversaw another recent restructuring in November, which returned his son Alexandre to LVMH’s Paris headquarters, leaving his role at Tiffany & Co.in New York.All of Arnault’s five children hold top brass role at the company.The eldest, Delphine, 49, and Antoine, 47, are children from his first marriage.Alexandre, 32, Frederic, 30, and Jean, 26, are children of Arnault’s current wife, Helene Mercier.Shares in LVMH dropped 1.5% Thursday morning.With Post wires...