Sixth-generation Hermès chief joins Exor board
Hermès chief executive Axel Dumas, a sixth-generation member of the family-controlled luxury brand, has assumed the role of non-executive director at Exor, a Dutch holding company which has shares in brands including Ferrari, Christian Louboutin and Shang Xia.
Exor is controlled by Italy’s Agnelli family.
In welcoming Mr Dumas to its board, chief executive and grandson of dynasty founder Gianni Agnelli, John Elkann, described Hermès as “the very epitome of excellence and tradition” and further pointed to the brand's ability to undergo “renewal and change”.
The French executive will retain his new position for an initial term of one year.
Exor and Hermès’ ties to Chinese luxury house Shang Xia mean they already work together.
Separately, Exor’s board of directors has moved to separate the roles of chairman and chief executive, resulting in Mr Elkann being replaced as chairman by business leader Ajay Banga, who first joined the board last May. The former stated that this revisioning would allow him to concentrate on the firm’s next phase of development.
