The world's richest person just put 2 more of his kids on the board of his $430 billion company
- Bernard Arnault has appointed two more of his children to LVMH's board.
- Alexandre Arnault is a vice president at Tiffany & Co. and Frédéric Arnault heads LVMH's watches division.
- Four of Bernard Arnault's five children now sit on the luxury conglomerate's board.
The French luxury-goods billionaire Bernard Arnault, who's the world's richest person, has appointed two more of his children to LVMH's board.
He announced the appointments on Thursday following a vote at LVMH's annual general meeting for shareholders.
The new appointments are Alexandre Arnault, the executive vice president of product, communications, and industrial at Tiffany & Co., and Frédéric Arnault, the head of LVMH's watches division.
Four of Bernard Arnault's five children now sit on the LVMH board.
His eldest child, Delphine Arnault, who's the CEO of Christian Dior Couture, has been on the board since 2003. Antoine Arnault, the CEO of Christian Dior SE, the holding company the family uses to control LVMH, joined the board in 2006.
Only Jean Arnault, Bernard Arnault's youngest son, doesn't sit on the company's board. Jean Arnault is a director in Louis Vuitton's watches division.
Bernard Arnault, who cofounded LVMH in the 1980s, is the French luxury conglomerate's CEO and chair. Its brands include Louis Vuitton, Dior, Marc Jacobs, Givenchy, Moët & Chandon, and Fenty Beauty.
Bernard Arnault is the world's richest person, with a net worth of about $221 billion, according to estimates by Bloomberg. LVMH's market value is currently $430 billion.
He's been priming his children for leadership roles in LVMH their whole lives and has never publicly said who he wants to take over his role at the company in the future.
"The best person inside the family or outside the family should be one day my successor," Bernard Arnault told The New York Times in September. "But it's not something that I hope is a duel for the near future."
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