Episode 247: Family business LVMH’s plan has a flaw

You may have heard glowing reviews recently of the succession planning at the giant conglomerate and family business LVMH. The founder, Bernard Arnault, has been applauded for how he has worked to position his five children to succeed in the business. Mr. Arnault, a successful corporate raider, has worked hard to keep his own firm out of reach of others like him.  Here’s the flaw: what we have heard and what we can infer no one has likely heard. Who, exactly, is going to lead the business and when? Last year, at age 73, he convinced the LVMH board to raise the mandatory retirement age for chief executive and chairman from 75 to 80. So, he no longer needs to retire next year, as had been expected. Has he fallen for the myth of founder immortality?

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