- By Priyanka Payal
- Wed, 26 Apr 2023 05:02 PM (IST)
- Source:JND
THE WORLD's richest man and the CEO of Louis Vuitton (LVMH) is reportedly interviewing each one of his five kids one by one every month to pick the right successor to run his businesses, according to a Wall Street Journal report.
The method which the world’s wealthiest person has chosen to decide his successor has come as a big surprise to many because this is a way traditional companies usually interview their upcoming CEOs. The French businessman has indicated that he wants to hand over the reins of his company to the right person and the process to nominate that individual for such a big responsibility cannot be done without any interrogation in the first place.
As per the WSJ report, the meeting takes place inside a private dining room at the headquarters of LVMH Moet Hennessy Louis Vuitton SE, where Bernard Arnault eats lunch with his kids and discusses the strategy of the luxury business empire. This lunch reportedly lasts for almost 90 minutes. It is believed that these discussions will likely become the foundation for the selection of the next successor for LVMH.
These meetings are basically seen as feedback sessions where Arnault takes his children's opinions on the brand shake-up or work style of a particular manager. Now these feedbacks are crucial as based on them five of his children are judged, according to a media report.
The business stalwart has not indicated whom he wants to become the next CEO, as he will reportedly pick the next heir depending on merit.
Earlier this year, the 74-year-old restructured top leadership at his luxury goods empire, tightening his family’s control with the appointment of his daughter Delphine Delphine Arnault to lead Christian Dior and naming a new boss for Louis Vuitton.
Arnault owns some of the world’s biggest luxury brands. His portfolio includes premium brands such as Louis Vuitton, Bulgari, Tiffany, Dom Perignon champagne, TAG Heuer, Bulgari, and Sephora.
According to the Bloomberg Billionaires Index, as of April 26, 2023, Bernard Arnault has an estimated net worth of $209 billion. The billionaire owns around half of LVMH, which had a revenue of $83.4 billion in 2022.
With a net worth of $162 billion, Tesla CEO Elon Musk is only behind Arnault and has the title of the world’s second richest person.