LVMH has announced that Frederic Arnault, son of chief executive Bernard Arnault, will assume the position of CEO for Tag Heuer.
Arnault’s new role will come into effect on 1 July. He had initially joined the watch group in 2017 as its strategy and digital director.
In addition, LVMH announced that Stephane Bianchi, who oversees all watch brands within the group, would now be tasked with overseeing Chaumet, Fred, Tag Heuer, Zenith and Hublot.
Bulgari CEO Jean-Christophe Babin will continue to report to LVMH group managing director Antonio Belloni, however.
Four of Bernard Arnault’s five children now occupy senior positions within the group, including Alexandre Arnault who is the CEO of luggage brand Rimowa, and Antoine Arnault, CEO of Berluti and chairman of Loro Piana.
He will join three other Arnault siblings who also occupy senior positions within the LVMH group, including Vuitton and luggage maker Rimowa. In total, the Arnault family controls just under half of LVMH.
It comes only one day after LVMH confirmed that it would no longer go ahead with its proposed takeover of Tiffany & Co in light of “recent market rumours” amid the pandemic.
LVMH had initially announced a “definitive” agreement with the luxury jewellers last November, whereby it outlined its intention to acquire the group for $16bn (£12.5bn).
Following a meeting between board directors this week, the group confirmed that it is no longer considering buying Tiffany shares on the market “on this occasion”.