Bernard Arnault, the founder and CEO of LVMH, has been elected as a member of the Académie des Sciences Morales et Politiques in France, one of the country’s most prestigious societies. As part of the Institut de France, which comprises five learned societies, the Académie consists of 50 members across six sections: philosophy; morals and sociology; law; political economics, statistics, and finance; history and geography; and a general selection. Arnault, France’s wealthiest individual, secured his seat in the political economics, statistics, and finance section with 27 votes. He replaced Denis Kessler, the former CEO of SCOR SE, one of France’s largest reinsurance companies, who passed away in 2023.
Despite Arnault’s successful election, seven of the 40 voters opposed his nomination, resulting in five abstentions and two “no” votes. This position is highly regarded, as the Académie operates under the protection of the president of the Republic. Arnault joins other prominent French business leaders in his section, including Michel Pébereau, the ex-CEO of BNP Paribas, and Nobel Prize-winning economist Jean Tirole. As a member of the Académie, Arnault will have a voice in shaping the institution’s influence on French policy. The Académie’s mission, defined by law, is “to contribute on a non-profit basis to the improvement and influence of literature, science, and the arts.”
This announcement comes as a positive development for Arnault after a challenging week, during which he appeared in court as part of an investigation into Bernard Squarcini, the former head of France’s intelligence service under Nicolas Sarkozy. Squarcini faces charges of corruption, illegal surveillance, and influence peddling. He is accused of using his security credentials for private gain, spying for LVMH while serving as a private security contractor between 2013 and 2016. Arnault has denied any knowledge of the scheme. In 2021, LVMH paid €10 million to settle criminal investigations related to Squarcini’s work providing confidential information to the luxury goods company.
At 75 years old, Arnault has long been under media scrutiny as France’s richest individual and the driving force behind LVMH’s growth to a €300 billion company since its inception in 1987. In a real-world version of ‘Succession,’ it remains uncertain who will succeed Arnault when he steps down. Among his five children, the three eldest could potentially take over. Recently, 32-year-old Alexandre Arnault, the third child, has garnered attention after being appointed deputy chief executive of Moët Hennessy last month. According to a source close to the family, the plan is for Alexandre to initially serve alongside current LVMH CFO Jean-Jacques Guiony.
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