Bernard Arnault, the world’s third-richest man and the chairman and CEO of LVMH, has reportedly been auditioning his five children over 90-minute lunches to pick his successor. The lunches have been taking place over the last few months, with each child given the opportunity to make their case for why they should inherit the luxury goods empire.
Arnault is one of the world’s most successful businessmen, with a net worth of over $150 billion. He has been grooming his children for leadership positions at LVMH for years, and the recent lunches have been a way for him to assess their readiness for the top job.
The children have reportedly been asked about their vision for the company, their plans for the future, and how they would approach the challenges facing the luxury goods industry.
The move has been seen by some as a way for Arnault to ensure that the company stays in the family after he steps down as CEO. Arnault has not announced any plans to step down, but at 72 years old, succession planning is likely on his mind.
However, the decision to audition his children has also raised concerns about nepotism and the lack of diversity in leadership. LVMH is a global company, and many feel that the top job should be given to the best person for the role, regardless of family ties.
Arnault has addressed these concerns, stating that he is committed to ensuring that LVMH remains a meritocracy, and that the final decision on his successor will be based on their qualifications and performance.
The Arnault children have reportedly embraced the opportunity to be considered for the top job at LVMH. However, the decision on who will ultimately succeed their father remains to be seen.
