{"text":[[{"start":8.04,"text":"Swiss luxury group Richemont has promoted Anton Rupert, son of its chair and founder, to a senior board role as the Cartier owner prepares to hand over control to the next generation of the family."}],[{"start":20.28,"text":"Rupert, 39, has been appointed as a non-executive co-deputy chair of the board overseeing product and communications committees “ensuring continuity in an area of central importance” to Richemont, the company said on Wednesday."}],[{"start":34.82,"text":"Succession planning has long been a key question for investors in the Geneva-based group that also owns jeweller Van Cleef & Arpels and fashion house Chloé. Anton’s father, Johann Rupert, has kept a firm grip on decision-making at Richemont for decades."}],[{"start":49.52,"text":"The Rupert family owns about 10 per cent of Richemont’s shares through a holding company but controls more than 50 per cent of the voting rights."}],[{"start":57.2,"text":"“This appointment is an important step in the board’s long-term succession planning,” Richemont said in a statement. “Richemont’s strength has always rested on the continuity that comes from close family involvement, on rigorous governance, and on an unwavering commitment to creativity and craftsmanship.”"}],[{"start":73.92,"text":"Anton Rupert, who has served as a non-executive director on the board since 2017, will split the deputy chair role with the incumbent Bram Schot, a former Audi chief executive who will retain responsibility for governance matters."}],[{"start":87.8,"text":"The promotion of company lifer Nicolas Bos to chief executive in 2024 took some of the pressure off Richemont to clarify who could take the reins from 76-year-old Johann Rupert. The family patriarch has served concurrently as chief executive several times in the past."}],[{"start":104.86,"text":"In 2022, activist investor Bluebell criticised the board’s structure and the disproportionate control granted to Rupert by the dual-class share structure. Richemont argued that Bluebell only had a tiny investment and was attempting to destabilise the company."}],[{"start":120.24,"text":"Richemont had made progress in addressing longstanding succession and corporate governance concerns. However, the elevation of the chair’s son could be contentious, according to Jean-Philippe Bertschy, head of Swiss equity research at Vontobel."}],[{"start":133.88,"text":"“Some might not be happy from a governance perspective,” he said."}],[{"start":137.64,"text":"Richemont has outperformed the luxury industry through a multiyear downturn, buoyed by sustained demand at its top-tier jewellery houses. Its shares are up 18 per cent in the past year, though they were down about 4 per cent on Wednesday afternoon following the announcement."}],[{"start":153,"text":"The nomination of Anton Rupert was “no surprise” as his father had said previously that his son and other relatives would not take operational responsibilities, said Oliver Müller, founder of Geneva-based consultancy LuxeConsult, but had left open the possibility of non-executive roles."}],[{"start":170,"text":"“It’s a way of having the family represented on the board for the long term,” said Müller."}],[{"start":180.32,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1789007931_5233.mp3"}