LVMH’s Belloni Resigns as Second-in-Command: As the largest luxury company continues to shake up its management, Antonio Belloni steps down as the group’s second-in-command at LVMH.

The corporation founded by billionaire Bernard Arnault has announced that Belloni, better known as Toni, will step down from his positions as global managing director and chairman of the executive committee. Moreover, LVMH announced Thursday in a statement that he will resign from the board following the April 18 annual general meeting.

The 69-year-old Italian executive has been with the Louis Vuitton parent company since 2001 and is responsible for a wide range of tasks, including supervising regional presidents and directing the strategic and operational administration of the conglomerate’s labels.

The current head of LVMH’s watches and jewelry branch, Stephane Bianchi, will take over his position.

As a number of LVMH’s most senior executives approach retirement age, Arnault has been busy training up the company’s future leaders. The five children of Arnault, who are all employees of the organization, have all received training from senior lieutenants who have worked under him.

The regulations of LVMH Moet Hennessy Louis Vuitton SE permit Arnault to remain chief executive officer until he is 80 years old, and he turned 75 this month.

Arnault has also appointed Michael Burke, 67, as CEO of the LVMH fashion conglomerate, which encompasses Marc Jacobs, Celine, and Loewe. Sidney Toledano, 72, stepped down, and Burke took over.

While Toledano takes on the role of consultant to Arnault, Belloni becomes president of LVMH Italy and is tasked with overseeing the CEO’s strategic missions.