(Bloomberg) -- LVMH appointed new divisional leaders in a reshuffle that returns one of billionaire founder Bernard Arnault’s sons to the luxury conglomerate’s Paris headquarters from New York-based jeweler Tiffany & Co.
Alexandre Arnault will serve as deputy chief of LVMH’s wines and spirits division under Jean-Jacques Guiony, who will cede his role as chief financial officer of the conglomerate to Cecile Cabanis, who’d been lined up to succeed him earlier this year.
LVMH also named a new human resources head, announcing the departure of Chantal Gaemperle after more than 17 years at the luxury group. Maud Alvarez-Pereyre, who has held HR positions at several LVMH divisions, will take on the role.
LVMH shares slipped 1.4% early Thursday in Paris and they’re down about 23% so far this year.
The reshuffle, including the surprise departure of Gaemperle and the more orchestrated changes involving the finance role and the wines and spirits division, will fuel further speculation around eventual succession in the Louis Vuitton owner’s top management ranks. Bernard Arnault, 75, remains firmly at the helm for now, but his five children all have key positions in the group.
Alexandre Arnault, 32, has held a position responsible for product and communications at Tiffany since 2021, when LVMH completed its takeover of the US jewelry brand. In the new post, he’ll work with Guiony, a longtime aide to Bernard Arnault who’s succeeding Philippe Schaus atop the wines and spirits unit after 21 years with LVMH.
Wines and Spirits
The division, whose brands include Dom Perignon Champagne and Hennessy Cognac, has struggled of late as Chinese shoppers rein in purchases of pricey brandy. Its organic sales fell 7% in the third quarter amid a broader slowdown in the luxury goods industry after a multiyear boom that briefly made LVMH Europe’s most valuable company and Bernard Arnault the world’s wealthiest person.
More abrupt was the departure of Gaemperle, 62, as head of human resources and synergies. LVMH issued a brief statement late Wednesday announcing that she’s “leaving the group to pursue new projects.”
LVMH said Thursday morning that Alvarez-Pereyre will succeed her as a member of the company’s executive committee and will be appointed executive vice president overseeing the group’s human resources starting in December.
French online publication La Lettre reported earlier this month that Gaemperle had been suspended, after being escorted out of the firm’s Paris headquarters by security guards. The publication added that it was unclear what exactly had led to her departure. LVMH declined to comment when contacted by Bloomberg about the report.
With her exit, LVMH is losing one of the few women on the executive committee at the Paris-based company. Alvarez-Pereyre will replace Gaemperle on the committee, alongside Christian Dior Couture CEO Delphine Arnault, the eldest child of Bernard Arnault, and Cabanis, who joined LVMH as deputy finance director earlier this year and will succeed CFO Guiony in February next year.
With more than 210,000 employees globally, Gaemperle was in charge of sourcing and recruiting business executives. Her team had also developed a program to recruit more craftsmen and women for its various business lines that span winemaking to couture.
Last month, Gaemperle was part of an event attended by Bernard Arnault and other top executives of the group which celebrated the 10th anniversary of a program to recruit artisans. She featured prominently, taking questions from journalists and speaking before a packed venue.
Other Departures
LVMH has been rejuvenating its executive committee with several of the older guard stepping down. It promoted Stephane Bianchi, 59, to the role of deputy CEO earlier this year, replacing Toni Belloni, 70. In September, LVMH also announced Chris de Lapuente, another member of the executive committee who headed LVMH’s selective retail unit which includes Sephora, was leaving the group to retire.
Arnault, 75, has seen his wealth shrink this year amid the slump in demand for luxury goods. He’s currently the fifth wealthiest person on the Bloomberg Billionaires Index. His fortune stood at $163.5 billion as of Wednesday.
(Updates with shares in fourth paragraph)
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