Luxury veteran and activist Francesco Trapani is being described as an “inappropriate” candidate for Richemont's board.
Richemont shares were broadly flat on Monday, closing up 0.1 percent to 114.70 Swiss francs.Bluebell has described Trapani as “an undisputable leader in the jewelry and global and luxury goods industry with an exemplary track record.”
Richemont’s chairman reminded shareholders that Trapani was chief executive officer of Bulgari when it agreed to be acquired by LVMH in 2011, and later served as chairman and CEO of LVMH’s Watches and Jewelry division from 2011 through 2014. The letter also notes the holders of “B” shares are permitted to vote against the election of the representative of the “A” shareholders “if they have a valid reason to do so.”, a current member of the board who had previously chaired Vendôme South Africa, as a non-executive director, rather than Trapani.
Rupert also noted that, until this year, Richemont’s board did not propose to elect one specific director to represent the holders of its “A” shares.
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