The gorgeous conglomerate LVMH is trying to clear the path that allows billionaire Bernard Arnaud to be at the helm for almost ten years until he turns 85.
According to the company's filings, the company's shareholders own high-end brands such as Louis Vuitton, Dior and Tiffany.
Currently, the maximum age for LVMH is set to 80.
The company did not immediately respond to requests for comment.
It's not the first time LVMH has hiked an age cap as Arnault is the chairman, chief executive and controlling shareholder of a large company along with his family.
According to Forbes, 76-year-old Arnault and his family have a net worth of $172.1 billion, earning the fifth-best slot on the global list of billionaires.
The businessman who has been chairing LVMH since 1989 has not yet been appointed as a successor, so the changes in each organization under his lead are highly scrutinized.
Late Wednesday, LVMH announced that his son Frederick, who now leads the group's watch division, will replace Damien Bartrand as chief executive of Italian luxury brand Loro Piana.
Bertrand has been promoted to Louis Vuitton's deputy chief executive, the company said.
Arnaud oversaw another recent restructuring in November, bringing his son, Alexandre back to LVMH's Paris headquarters, and Tiffany & Co., New York. left his role.
All five Arnault children play top brass roles in the company.
The eldest son, Delphine, 49, Antoine (47), is the children of his first marriage.
Alexandre (32), Frederick, 30, and Jean (26) are the children of Helen Mercier, the current wife of Arnaud.
LVMH shares fell 1.5% Thursday morning.
With post wire
