The cult of the CEO is apparently still alive and kicking in France, despite the recent departures of Jean-Marie Messier from Vivendi and Michel Bon from France Télécom. At the last results presentation for luxury goods group LVMH, an audience of supposedly hard-nosed journalists and bank analysts listened with rapt attention to the introductory comments from Bernard Arnault, the chief executive and one of France's richest businessmen.

. Everything seemed normal enough until Arnault finished his presentation, at which point the room burst into wild and prolonged applause. It was hard to understand why, given that LVMH hasn't exactly enjoyed its best year. The audience reaction to Arnault seemed even stranger when LVMH's group finance director finished his presentation. This time there was no spontaneous applause – not even a solitary clap – and the following speaker was given an equally frosty send-off. Vive le president!::