Today it was announced that he will leave the position immediately for “medical reasons,” which while not life-threatening still prevent him from doing his job, WWD is reporting.
“His condition does not allow him to fulfill his duties as CEO,” Antoine Arnault, son of LVMH head honcho Bernard Arnault, said simply.
As a result, the company has named a new new CEO. Michael Burke, currently CEO of Bulgari in Rome, is set to take over at Louis Vuitton on Wednesday.
Burke has worked with LVMH before, as President and CEO of Louis Vuitton North America from 1993 to 1997, before moving to Paris to be the worldwide managing director of Christian Dior Couture, and finally moving to the management team for Fendi in 2003. Burke had only been at Bulgari since February of this year, and they have not yet named his successor.