Mr. Ullman's decision to focus his efforts on the U.S. reflects his desire, for health reasons, to reduce the significant amount of global travel his position had required. Mr. Ullman, 54, will continue as a member of LVMH's Board of Directors and Executive Committee. In addition, he will be named Vice Chairman of the board of Director of Christian Dior S.A. He will also continue to serve as Chairman of the Board of De Beers LV, the recently formed joint venture between LVMH and De Beers.
Bernard Arnault, Chairman and Chief Executive Officer for LVMH, said, "Since arriving at LVMH earlier this year, Toni Belloni has proven to be a great addition to our senior management team. We expect his multi-cultural expertise and considerable experience at a global brand-oriented company to be of tremendous value to LVMH. We are confident that he will play an important role in ensuring that LVMH will attain the ambitious goals that we have set for our group."
Mr. Arnault continued, "Mike Ullman has made a tremendous contribution to the growth and success of the Group. He has been an exceptional partner and strong leader. I am pleased that he will continue to serve the Group in several important capacities and, in a particular, focus on the United States at such a critical time."
Mr Belloni said "I am very excited about my new role and responsibilities and look forward to working closely with Bernard Arnault and the other members of the LVMH Executive Committee in overseeing the Group's global operations. It is an honor to succeed Mike Ullman, who has done so much for LVMH. I am pleased that we will continue to benefit from his talent and experience in the future."
Mr. Ullman said, "I am very fortunate to have had the opportunity over the past 15 years to hold senior management roles at leading companies in Asia, the United States and Europe. It has been particularly satisfying to work closely with such a visionary and creative business leader as Bernard Arnault, and I look forward to continuing our collaboration at both LVMH and Christian Dior."
Mr. Ullman became Group Managing Director of LVMH in July 1999. Previously, he was President of the LVMH Selective Retail Group and Group Chairman of DFS Group Limited, which is majority owned by LVMH. Mr. Ullman joined DFS as Chairman and CEO in 1995. From 1992 to 1995, he served as Chairman and CEO of R.H. Macy &Co., where he was responsible for taking the U.S. department store company through the complex reorganization and revitalization process that culminated in its successful merger with Federated Department Stores, Inc. Mr. Ullman has also served as Managing Director and Chief Operating Officer of Wharf (Holdings) Ltd., one of the largest diversified groups in Hong Kong : Vice President of Business Affairs at the University of Cincinnati; and a White House Fellow.