NEW YORK -- Reports have been circulating that Jean-Michel Paulhac, worldwide president of Guerlain SA in Paris, will step down next month after shareholders approve the terms of his departure.
Under French law, only shareholders can make such a change. The next meeting is scheduled for mid-June.
Paulhac, who is still with the company but reportedly is not taking an active role, could not be reached for comment at Guerlain's Paris headquarters. A company spokesman, Gilles Thevenin, dismissed the report as "a rumor" and stated that Paulhac remains president.
On April 29, it was announced that Bernard Arnault had reached agreement with the Guerlain family for LVMH to take financial control of the cosmetics company.
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