Bernard Arnault, the richest man in the world, is laying the groundwork for a succession plan.
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Bernard Arnault CEO of LVMH — the French luxury conglomerate which makes Louis Vuitton handbags and Dom Perignon champagne.
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It would head off any potential fighting amongst his five children for his $196 billion fortune, according to a report.
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Bernard Arnault has created a new holding company that splits his fortune equally among his kids, according to Bloomberg News.
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Arnault fathered two children — Delphine, 47, and Antoine, 45 — with his first wife and has three children from his current marriage — sons Alexandre, 30; Frederic, 28; and Jean, 24.
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In December, Antoine was named CEO of Christian Dior SE. At around the same time, his sister, Delphine, was tapped to head the Christian Dior Couture brand.
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Alexandre runs product and communications at another family property, the jewelry retailer Tiffany & Co., while Frédéric is in charge of Swiss watchmaker Tag Heuer.
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Jean has been placed in charge of a new division at Louis Vuitton that will manufacture watches.
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The Arnault family controls around 48% of LVMH shares, granting it 64% of the voting rights, according to securities filings.
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Bernard Arnault recently arranged for his company to change the bylaws which previously required anyone who reached the age of 75 to retire. The new retirement threshold age is 80.
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