Cartier owner Richemont called for shareholders to snub the appointment of former LVMH executive Francesco Trapani to the board this morning, calling out his close connections to firm’s biggest rival.
Calling him an “inappropriate” candidate, Richemont chairman Johann Rupert said in a letter to shareholders: “He is not independent, as he has a long history of close relationship with the LVMH group and its main shareholder.”
Trapani, who was CEO of Bulgari when it agreed to be acquired by LVMH Moet Hennessey Louis Vuitton in 2011, has been the top candidate for activist investor Bluebell Capital Management.
Trapani also served as chairman and CEO of LVMH’s Watches and Jewellery Division from 2011 through 2014, on LVMH’s Board of Directors from 2011 through 2016 and as an advisor to LVMH’s Chairman and CEO from 2014 through 2016.
Mr Trapani resigned from Tiffany’s board in November 2019, the day after the merger agreement was executed with LVMH.
Instead, Rupert has put forward an internal candidate, the independent director Wendy Luhabe.
The firm is set to hold an AGM on 7 September.