Marriage of Tiffany to LVMH Finally Consummated
The long-running saga of Tiffany's (NYSE: TIF) acquisition by LVMH Moet Hennessy-Louis Vuitton (OTC: LVMUY) is finally over as the luxury design house announced today it has finally completed the deal for the high-end jeweler. And LVMH wasted no time upsetting the order of things, immediately moving to install its own executives at Tiffany.
Anthony Ledru, a Louis Vuitton senior executive, is CEO at Tiffany, effective today. Michael Burke, current CEO and chairman at LYMH, will become chairman of Tiffany. And the second-oldest son of LVMH head Bernard Arnault, Alexandre Arnault, will take over as Tiffany's executive vice president for product and communication. Two other Tiffany executives will exit the company soon after.
Image source: Tiffany.
Source Fool.com
