Luxury group LVMH said on Thursday it is overhauling management of its wines and spirits division Moët Hennessy, with chief financial officer Jean-Jacques Guiony to become president and CEO of the unit from Feb. 1.
Guiony will be replaced as CFO by current deputy CFO Cecile Cabanis who was hired in June and had initially been expected to take over the job after 18 months in her post.
Guiony will succeed long-time executive Philippe Schaus as CEO of Moët Hennessy, according to a LVMH statement.
Sales Slump
Alexandre Arnault, son of LVMH chairman and CEO Bernard Arnault, will become deputy CEO of the division, also from Feb. 1.
In October, LVMH had dismissed a report by French investigative media La Lettre saying it was mulling a management reshuffle for its wine and spirits unit, which has been struggling with a sales slump in the United States and China.
Sales have dropped 8% over the first nine months of the year, making it the group's worst-performing business.
New Generation
Schaus, who spent 21 years at LVMH, will support the new team in the first half of 2025, the company said, adding that he has decided to focus on non-executive roles.
Charles Delapalme, previously managing director at Christian Dior Couture, will be appointed President and CEO of Hennessy following a period of transition with current CEO Laurent Boillot, added the statement.
LVMH chairman Arnault has been reshuffling the upper echelons of the group in recent months, as a new generation gradually replaces retiring executives and his five children move up the ranks.
The company also appointed Maud Alvarez-Pereyre as executive vice president human resources and said she would become a member of the executive committee from Dec. 1.
It said late on Wednesday that head of human resources Chantal Gaemperle was leaving the group to pursue new projects.
