Hermès taps BNP Paribas CEO, former spy for luxury group’s board

Hermès International SCA is set to appoint BNP Paribas SA CEO Jean-Laurent Bonnafé and a former French spy-agency chief to the luxury group’s board.

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The family-controlled company known for its Birkin bags named Bonnafé, the chief executive officer of France’s biggest bank, to replace Dominique Senequier, 71, the luxury company’s vice chairwoman who’s also CEO and founder of French private equity group Ardian. Also nominated is Bernard Emié, who led France’s external intelligence agency DGSE for close to seven years until January 2024, according to his LinkedIn profile. 

The big-name board picks come even as key roles at Hermès are largely in the hands of descendants of the founding family behind the leather goods maker started by Thierry Hermès in 1837. These include Chairman Eric de Seynes and Executive Chairman Axel Dumas, a sixth generation heir who leads the company.

Also on the executive committee are Dumas’ cousins Pierre-Alexis Dumas and Guillaume de Seynes, respectively overseeing the artistic direction of the brand and the manufacturing operations. The family controls 67% of the share capital of Hermès. 

The changes to the board, disclosed in a filing Monday, will be put to a vote at the company’s shareholders’ meeting on April 30 in Paris. 

Emié, a former ambassador to Algeria, the UK as well as Turkey and Lebanon, will replace Alexandre Viros, the former head of Adecco Group AG in France. A third nominee is Cécile Béliot-Zind, the CEO of dairy company Bel Group, although the filing doesn’t say she’s replacing a current board member. Bonnafé is also a board member of Pierre Fabre SA, the owner of skincare brands such as Eau Thermale Avène. Béliot-Zind and Bonnafé will be appointed for three years while Emié’s mandate will run for two years. 

Hermès, known for its silk scarves, is the second most-valuable stock on the French benchmark CAC40 index, behind rival LVMH Moët Hennessy Louis Vuitton SE, controlled by billionaire Bernard Arnault. Hermès has weathered the demand downturn for luxury goods better than some of its peers, riding the exclusivity of its coveted handbags.

LVMH has also tapped former state officials for its board. Hubert Védrine, a former French foreign affairs minister, has been a member of its board for more than two decades.