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CONSUMER CYCLICALS: LVMH (Aa3/AA-) another division head to reportedly leave

CONSUMER CYCLICALS
BulletCredit Bullets

Head of two divisions now leaving within a month (the other was Chris de Lapuent; head of selective retailing). Turnover was brought up in the earnings call - and downplayed by the CFO.

We wouldn't read into it - this is still effectively a French family owned co and the more real risk is the eventual transition to Bernard's children (2nd gen, all in senior positions). Insiders in the past have told news outlets he will die on the job - Bernard is 75 and and in 2022 raised the age limit for the CEO in the bylaws to 80. The family control 48% of the share capital and 64% of voting rights.

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Head of two divisions now leaving within a month (the other was Chris de Lapuent; head of selective retailing). Turnover was brought up in the earnings call - and downplayed by the CFO.

We wouldn't read into it - this is still effectively a French family owned co and the more real risk is the eventual transition to Bernard's children (2nd gen, all in senior positions). Insiders in the past have told news outlets he will die on the job - Bernard is 75 and and in 2022 raised the age limit for the CEO in the bylaws to 80. The family control 48% of the share capital and 64% of voting rights.

Keep reading...Show less