Pressed by reporters to further comment during a media scrum after the meeting, he said negotiations \u201cdeserve the utmost attention from the governments of Europe, including France, because there will be dramatic social consequences if an agreement could not be reached, particularly for our winegrowing industry.\u201d (LVMH owns cognac brand Hennessy and Champagne brands including Mo\u00ebt & Chandon and Veuve Clicquot.)<\/p>\n
Group managing director St\u00e9phane Bianchi also said during the meeting that companies have inventories in the US to limit the impact of potential tariffs, and that production capacities in the US could indeed be increased to mitigate the impact. \u201cPrice adjustment measures could also be considered,\u201d he added. \u201cSo we do have compensation levers, but it\u2019s too soon to be more precise.\u201d On Thursday, Herm\u00e8s announced it will increase prices in the US on 1 May<\/a> to offset the impact of the new 10 per cent tariffs.<\/a><\/p>\n Succession plans<\/strong><\/p>\n Shareholders approved a change to company bylaws that harmonises the age limit for the chairman of the board and the chief executive officer, which were 75 and 80<\/a>, respectively, so far. It was raised to 85 (with approximately 99.18 per cent of the votes). It means that Mr Arnault, who is 76, can stay on until he is 85.<\/p>\n The board and, more specifically, a committee chaired by board member Henri de Castries, discuss succession plans on an annual basis, Bianchi said. \u201cThese plans are not intended for public disclosure. But they do exist, of course, both in the medium term and in the event of sudden events,\u201d he said.<\/p>\n Executive committee<\/strong><\/p>\n There have been a number of changes to the executive committee in 2024, namely four departures (Chantal Gaemperle, Chris de Lapuente, Philippe Schaus and Toni Belloni) and two arrivals (Maud Alvarez-Pereyre and Guillaume Motte).<\/p>\n Bianchi stressed the fact that both those who left and those who replaced them have had long careers within the group, a testament to the \u201cstability of LVMH\u2019s management and top management.\u201d<\/p>\n \u201cThese moves are also part of a more general generational renewal that is essential to prepare for the future of the group and meet the challenges of tomorrow,\u201d Bianchi said.<\/p>\n Comments, questions or feedback? Email us at feedback@voguebusiness.com<\/a>.<\/p>\n More from this author:<\/strong><\/p>\n Inside Bvlgari\u2019s super-sized jewellery production site<\/a><\/p>\n Jean Paul Gaultier taps Duran Lantink as permanent creative director<\/a><\/p>\n