PARIS — LVMH Moët Hennessy Louis Vuitton executives Alexandre Arnault and Nicolas Bazire have resigned from the board of Carrefour, following French billionaire Bernard Arnault’s decision to sell his stake in the French retailer, Carrefour said on Tuesday.
Alexandre Arnault, the second-eldest son of the LVMH chairman and chief executive officer, had joined the board in 2019. He has since been appointed as executive vice president of products and communications at U.S. jeweler Tiffany & Co.
Bazire is a member of LVMH’s executive committee, in charge of development and acquisitions. His mandate as an independent board member of Carrefour was renewed earlier this year for three years, despite opposition from some shareholders and union representatives over his jail sentence in the Karachi Affair, which he is appealing.
During its meeting on Tuesday, the Carrefour board co-opted Arthur Sadoun, chairman and CEO of communications firm Publicis Groupe, as an independent member for the remainder of Bazire’s term. The decision will be submitted for ratification at the next Carrefour shareholders’ meeting.
“I would like to warmly thank Alexandre Arnault and Nicolas Bazire for their active contribution to the work of the board and for their essential contribution to the transformation of the group,” Carrefour chairman and CEO Alexandre Bompard said in a statement.
“I am delighted by the addition to the board of Arthur Sadoun, whose international profile, experience in business transformation and digital expertise will be valuable assets to accelerate the execution of our strategic plan,” he added.