Toni Belloni has decided to relinquish his duties as Group Managing Director and Chairman of the Executive Committee of LVMH Group after more than 23 years working alongside Chairman Bernard Arnault.
He will also leave the Board of Directors following the Annual General Meeting to be held on 18 April.
The hugely respected Belloni will retain certain functions within LVMH, including taking charge of strategic missions for Arnault and becoming President of LVMH Italy.
Stéphane Bianchi will take over the operational functions formerly headed by Belloni. He is currently CEO of the Watches and Jewelry Division, which includes Bulgari, Chaumet, Fred, Hublot, Repossi, TAG Heuer, Tiffany & Co. and Zenith. Bianchi is already a member of the LVMH Executive Committee.
As a result of his promotion he will chair the Executive Committee and exercise, alongside Arnault, the strategic and operational supervision of the various LVMH Maisons. He will also oversee the Presidents of the regions and the Group’s digital and data transformation.
Arnault said: “At my side as Group Managing Director and member of the Board of Directors for over two decades, Toni has been a major contributor to the success of LVMH.
“Inspiring, curious and unfailingly loyal, he has participated in all the acquisitions of recent years and has supported the growth of the Group and its teams with agility and pragmatism. His vision of luxury, of the markets, and his work with our teams have been considerable assets.
“Toni has been an essential partner for me and a very important member of the LVMH family.
“I would like to thank Toni for his exceptional contribution over the last few years. He will remain at my side to pursue strategic missions and oversee our activities in Italy.”
Belloni commented: “As I step down from my current role, I realise how fortunate I have been to play a leadership role at the heart of one of the most extraordinary entrepreneurial ventures of recent decades.
“I would like to thank Mr Arnault most sincerely for the opportunity he has given me, and even more so for the trust he has always placed in me. Working alongside him has been a unique, stimulating experience, full of challenges and learning, with exemplarity as my compass.
“Developing our magnificent Maisons over the long term, initiating ever more ambitious and creative projects, managing formidable acquisitions then integrations, contributing to preparing tomorrow’s leaders and organisation to manage the Group’s growth and complexity… never a dull moment!
“Over the past 20 years, I’ve had the privilege of sharing this life experience with dedicated and talented colleagues. Our agility, our culture of constant questioning, of striving for excellence and of valuing merit are all assets which, I am sure, will ensure the Group’s long-term success.
“We have achieved excellent results, always respecting our values and supporting numerous initiatives for the benefit of the greatest number of people. It is now up to Stéphane to take us even further.”
Arnault added: “Since joining the Group, Stéphane Bianchi has demonstrated rare leadership and management qualities while immersing himself in the group’s entrepreneurial and family culture.
“I am delighted by his new role and am convinced that with Stéphane at my side, and with the entire Executive Committee and the Group’s employees, we will take the success of the LVMH Group even further, while respecting our values and commitments.”
Bianchi said: “By joining the LVMH Group at the end of 2018, I made the choice to join a family group, chaired and led by a visionary man, and carrying values to which I am deeply committed: legacy, long-term vision, timeless desirability of our Maisons and products, and a permanent quest for excellence in all our actions.
“After five rich, exciting and demanding years within the Watches & Jewelry Division, with its extraordinary Maisons and teams, I am honoured by the confidence granted by Mr Arnault, to contribute more widely, in the continuity of Toni’s action and with all the LVMH teams, to always and relentlessly strengthen the success of our Group.”
On the recommendation of the Governance and Compensation Committee, the Board of Directors meeting on 18 April will also be asked to appoint Wei Sun Christianson as a Director. Her stellar career includes a long tenure with Morgan Stanley as Co-Chief Executive Officer, Asia-Pacific and Chief Executive Officer, China.
“Wei Sun Christianson’s financial culture, her understanding of the luxury goods market and above all her in-depth and invaluable knowledge of China will be invaluable assets for the Board of Directors. The arrival of Wei Sun Christianson further strengthens the Board in terms of its expertise, diversity and independence,” Arnault said. ✈
