BREAKING NEWS: Jean-Claude Biver to hand over the reins at LVMH watch division

Jean-Claude Biver has confirmed press reports from France that he is handing over operational control of TAG Heuer and LVMH’s watch division.

French business magazine Challenges reported on Wednesday that the the 69-year old was stepping back from his responsibilities.

He told news agency Reuters today that he would stay on as non-executive president of LVMH’s watch unit and its three watch brands, TAG Heuer, Zenith and Hublot.

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“I’ll no longer be cutting the onions and crying in the kitchen early in the morning, I’ll just come later to see if they are ready,” said Mr Biver, who has been suffering from health problems in recent months. He told Reuters he has been doing better, but had not yet fully recovered.

Mr Biver would not confirm a report in Challenges that Stephane Bianchi, a former CEO of French cosmetics group Yves Rocher, would replace him. Nor would he comment on suggests that Frederic Arnault, the 23-year-old son of LVMH’s chairman and CEO Bernard Arnault, would take a more active role at TAG Heuer, as head of strategy and digital.

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