French luxury goods group LVMH said it was "surprised by inaccurate rumors" about its Moet Hennessy division relayed on Friday by French investigative media La Lettre, which reported its longtime wine and spirits division head was being replaced by an executive in the business.

Boillot, who has been CEO of the Hennessy Cognac brand since 2019, would take over the leadership of Moët Hennessy from Philippe Schaus, who has worked in the role for the past seven years. According to Bloomberg, LVMH is due to announce confirmation of Schaus's exit shortly.

Tuesday's market-moving news for global luxury-goods purveyor LVMH Moët Hennessy (OTC: LVMUY) wasn't very encouraging. After the company published a disappointing revenue update, investors assertively traded out of its stock.

French luxury goods giant LVMH is replacing its longtime wine and spirits division head Philippe Schaus with Laurent Boillot, the president of cognac label Hennessy, French investigative media La Lettre reported on Friday,