Hermes has reiterated its commitment to family values by naming Axel Dumas, a sixth-generation member of the founding family, as its new chief executive.
Dumas will share the chief executive officer responsibilities with long time holder of the position Patrick Thomas. Dumas began working for the family business in 2003 and he has quickly risen through the ranks.
One might assume that Thomas would feel slighted to share the role he’s held since 2006, but he seems gracious at the news of the company restructure.
“I have been working with Axel for more than six years; he has all the competences for the job,” Thomas said. “I am glad a member of the Hermès family has been brought in to succeed me.“
After all, at 65 Thomas knows he’s not going to run Hermes forever. He was actually keen to retire some time ago but stayed on at the insistence of the company.
It seems Thomas will share his knowledge with Dumas before stepping down in mid-2013. At that time Dumas will become Hermes’ sole chief executive officer.
Even if LVMH has a takeover brewing as some industry forecasters suspect, this latest business decision should help Hermes’ founding family assert control of the company it built for some time to come.
What do you think of Axel Dumas’ appointment?
