Luxury conglomerate LVMH is trying to clear a path that would allow billionaire Bernard Arnault to stay at the helm for nearly another decade — until he’s 85.

Shareholders in the company – which owns high-end brands like Louis Vuitton, Dior and Tiffany – are set to vote April 17 on a proposal to raise the maximum age in the company bylaws for its chairman and chief executive, according to a company filing.

Currently, LVMH’s maximum age is set at 80.

The company did not immediately respond to a request for comment.

It’s not the first time LVMH has hiked the age cap – raising it from 75 in 2022 – as Arnault remains the massive firm’s chairman, chief executive and controlling shareholder, along with his family. 

Arnault, 76, and his family have a net worth of $172.1 billion, taking the fifth-richest slot on the world billionaire list, according to Forbes.

The businessman – who has served as LVMH’s chair since 1989 – has not yet named a successor, so each organizational shift under his lead has been highly scrutinized. 

Late on Wednesday, LVMH announced his son Frederic, who currently leads the group’s watches division, will replace Damien Bertrand as chief executive of Italian luxury brand Loro Piana.

Bertrand is being promoted to deputy chief executive of Louis Vuitton, the company said.

Arnault oversaw another recent restructuring in November, which returned his son Alexandre to LVMH’s Paris headquarters, leaving his role at Tiffany & Co. in New York.

All of Arnault’s five children hold top brass role at the company.

The eldest, Delphine, 49, and Antoine, 47, are children from his first marriage.

Alexandre, 32, Frederic, 30, and Jean, 26, are children of Arnault’s current wife, Helene Mercier.

Shares in LVMH dropped 1.5% Thursday morning.

With Post wires

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Representatives of President Trump’s family have held talks to take a financial stake in the US arm of crypto exchange Binance, the Wall Street Journal reported Thursday.

Binance’s billionaire founder Changpeng Zhao has been pushing for the Trump administration to grant him a pardon, the report added citing people familiar with the matter.

In November 2023, Zhao stepped down as CEO of Binance and pleaded guilty to breaking US anti-money laundering laws as part of a $4.3 billion settlement, resolving a years-long probe into the world’s largest crypto exchange.

Binance had reached out to allies of Trump last year offering to strike a business deal with the family as part of a plan to return the exiled company to the US, according to the Journal’s report.

It is unclear what form the Trump family stake would take if the deal comes together or whether it would be contingent on a pardon, the report said.

Binance and representatives for Trump did not immediately respond to Reuters’ requests for comment.

Earlier this month, Trump signed an executive order to establish a strategic reserve of cryptocurrencies by using tokens already owned by the government.

His moves to support the crypto industry, which spent millions of dollars backing him and other Republicans in the November election, have drawn conflict-of-interest concerns.

Trump’s family has launched cryptocurrency meme coins, while the president also holds a stake in crypto platform World Liberty Financial.

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MADISON – Madison’s Clerk Maribeth Witzel-Behl was placed on leave Wednesday pending an investigation into 193 absentee ballots that went uncounted in the 2024 presidential election.

In a press release, the city said the investigation would look at the uncounted ballots and other aspects of Witzel-Behl’s performance.

City Attorney Michael Haas will serve as the acting city clerk for the April 1 election and oversee office operations “to make sure everything runs smoothly.” The April election includes high-profile races for Wisconsin Supreme Court and state school superintendent.

“I am completely confident in the ability of the highly trained, incredibly competent professional staff at the Clerk’s Office to continue the operations of the office without interruption,” Haas said in the release. “I look forward to working with them to ensure a secure, transparent, and safe election.”

Madison Mayor Satya Rhodes-Conway said the nature of the issues being investigated warranted Witzel-Behl taking a step back and the city ensuring operations of the clerk’s office continue without interruption.

“The City of Madison places an incredibly high value on our ability to conduct elections to the highest standards, and will spare no City resource to ensure that each vote is counted for the upcoming election,” she said in the release.

Madison Mayor Satya Rhodes-Conway

Haas previously served as administrator of and legal counsel to the Wisconsin Elections Commission, the release said, and has extensive experience with elections and administrative law.

On Dec. 26, the Madison clerk’s office issued a public statement disclosing that 193 ballots had not been processed from three wards. The ballots were discovered Nov. 12 and Dec. 3 during post-election cleanup and reconciliation.

The number of ballots wasn’t enough to affect the outcome of any races, the clerk’s office said.

The clerk’s office emailed the state’s Election Commission on Dec. 18 to inform it of the uncounted ballots and ask for guidance. The commission certified the results of the election Nov. 29.

The clerk’s office said it would contact each affected voter to notify them and apologize. For future elections, the office also said every polling location will receive a list of the seal numbers for absentee ballot envelopes so they could be verified as ballots are counted.

The bipartisan Wisconsin Elections Commission voted in January to use its investigative authority for the first time in its eight-year history to understand how the ballots went uncounted in the Nov. 5 election.

Commissioners will discuss the review’s findings at a future meeting.

A group of Madison voters, represented by liberal law firm Law Forward, last week sued the city and county officials over failing to count the ballots, claiming Witzel-Behl disenfranchised their right to vote.

Jeff Mandell, general counsel for Law Forward, said many of the uncounted votes were those of University of Wisconsin students in the downtown area, who were voting in their first presidential election.

Molly Beck of the Milwaukee Journal Sentinel contributed to this report.

Laura Schulte can be reached at leschulte@jrn.com and on X @SchulteLaura.

This article originally appeared on Milwaukee Journal Sentinel: Madison clerk placed on leave over uncounted ballots

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