Sep 7, 2014
Nicolas Puech leaves Hermès’ supervisory board
Sep 7, 2014
© 2014 AFP - Nicolas Puech, heir of the Hermes family and the largest individual shareholder in the luxury group, has resigned from the supervisory board, according to a spokesperson, confirming a report from the magazine Challenges.
"He resigned on August 8 because he has felt for several years beleaguered by members of his family, who have attacked him on several fronts, not only regarding LVMH," said the spokesperson, who refused to give further details.
"Nicolas Puech has never sold any of his long held shares in LVMH. Some have accused him of doing so, complaining here and there. He has had some very bad experiences and felt very badly and felt harshly criticized on numerous occasions, even while he is very attached to Hermès," said the spokesperson.
Nicolas Puech holds a 5.76% stake in Hermès, a small portion through a foundation that bears his name.
His decision to resign "has nothing to do with the announcement by LVMH and Hermès on Wednesday that they have ended four years of litigation centered on LVMH’s acquisition of shares in Hermès," the spokesperson said.
“He is, however, happy that the dispute has ended,” he added, noting, "Mr. Puech never considered Bernard Arnault’s investment was a serious threat to the company."
Hermès has clamored for LVMH to cede its shares since late 2010, the dispute eventually becoming a legal one.
Following an agreement reached between the two parties brokered by the president of the Paris commercial court, LVMH, which owns a more than 23% stake in its rival, will distribute the entirety of its stake in Hermès among its shareholders and will not to purchase new shares for at least five years.
Contacted by AFP Thursday, Hermès did not comment on Puech’s resignation.
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