Sidney Toledano, chairman and CEO of LVMH Moet Hennessy Louis Vuitton, is moving on to another role within the French luxury group LVMH. The same old story: the people who go up are the same people you see when they come down.
At the annual shareholders meeting, Mr. Arnault was pleased to thank Mr. Toledano for his leadership over the past three decades at LVMH.
“I wanted to highlight the exceptional work he has done. He is not leaving. He will be moving on to other roles,” Arnault said. I had the feeling that I was in the serie of Trumps “the Apprentice” and the director says to sydney, you are fired.
“We will continue to work together in a different setting. I won’t say any more about it, but I’ll tell you about it anyway next year. A big thank you, Sidney, for the great job you’ve done over the years,” BLA BLA BLA BLA BLA.
An independent news site reported that Michael Burke, another veteran LVMH executive, was the favorite to succeed Mr. Toledano as head of the Fashion Group. Mr. Toledano’s successor will be announced in the coming months, but the decision has not yet been made.
At the shareholders’ meeting, Mr. Arnault also praised Mr. Burke, noting that he had helped Louis Vuitton become the first brand in the history of luxury goods to generate annual sales of more than 20 billion euros.
Burke stepped down as Vuitton’s chairman and CEO in February after 10 years of dedicated service to “take on new responsibilities, reporting directly to Bernard Arnault,” LVMH said. He appears to be the natural successor to Toledano, as the two men are close and Burke has been part of Arnault’s inner circle since he founded LVMH in the 1980s.”