Frédéric Chevalier (L) will succeed Dag Rasmussen (R) as CEO from March 2026.

Lagardère Travel Retail has confirmed that long-serving Chief Executive Officer Dag Rasmussen will retire from his executive responsibilities on 1 March 2026, marking the end of a leadership tenure spanning more than a decade at the helm of the business.

As part of a planned and carefully managed transition announced in June 2025, Frédéric Chevalier will succeed Rasmussen as Chief Executive Officer on the same date. Chevalier will lead the company under the supervision of a Board of Directors chaired by Arnaud Lagardère, who has been appointed Non-Executive Chairman.

Chevalier joined Lagardère Travel Retail in 2006 and has played a central role in shaping the company’s strategic transformation over the past two decades. During his tenure, he has held a series of senior leadership roles and has been closely involved in defining and executing the group’s strategy, including the structural integration of its three core business lines – Duty Free & Fashion, Travel Essentials and Dining – and the acceleration of its global expansion. His appointment is seen as a natural progression, fully aligned with the company’s long-term direction.

Rasmussen joined the business in 1988 and has been a key architect of its global growth. Under his leadership, Lagardère Travel Retail tripled its revenues, expanded across all major regions and categories, and strengthened its reputation as a leading global player, recognised for operational quality, strong partnerships and a distinctive company culture.

“Dag Rasmussen has played a decisive role in transforming Lagardère Travel Retail into a global leader in his sector,” said Arnaud Lagardère. “Over more than a decade, he combined strategic vision with exceptional execution, building a company that is stronger, more resilient and well positioned for the long term. I would like to thank Dag sincerely for his contribution and wish him every happiness in his well-deserved retirement. I am confident that Frédéric Chevalier will lead the company successfully into its next chapter.”

Arnaud Lagardère will be Chair of Lagardère Travel Retail’s Board of Directors.

Reflecting on his career, Dag Rasmussen said: “These past 37 years with Lagardère Travel Retail have been a remarkable journey. With the support of Arnaud Lagardère, the Group and our teams, we have built a company that is more global and better positioned for the future. The leadership transition we initiated last year was designed to ensure continuity and long-term success, and I have full confidence in Frédéric’s ability to carry this momentum forward.”

Frédéric Chevalier added: “Arnaud Lagardère’s vision and Dag’s leadership have profoundly shaped the company we are today. I am proud to build on this legacy and to continue developing our strategy with the same ambition, discipline and sense of responsibility toward our teams, partners, customers and shareholders.”

The transition marks a new chapter for Lagardère Travel Retail, reinforcing continuity at the top of the organisation while maintaining focus on long-term growth and strategic execution.