World’s 5th richest man Bernard Arnault coins new phrase for being fired: ‘Promoted outwards’
By Shane Galvin
Published Jan. 29, 2025, 11:55 p.m. ET
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Arnault came up with the eye-roll-worthy corporate jargon Tuesday during an investor call for LVMH, the parent company of Louis Vuitton, Sephora, Dior, Fendi, Tiffany & Co, and several other luxury brands.
The French billionaire made the “promoted outwards” comment while discussing social media company META’s decision to lay off low-performing employees, according to Fortune.
Arnault, 75, claimed that those who lost their jobs are actually being “promoted” to better jobs at different companies.
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I agree with him. I’ve been ‘promoted outwards’ five times and, in four of those five, I got a better job rather quickly. In the fifth one, I decided that I’d had enough of “employment” and retired. My fiancé and friends gave me a nice surprise party to celebrate. While I regret “retiring”, (Retirement is boring), I didn’t work myself to the grave for the benefit of a sow soulless enterprise that lost its way. (That is you AT&T!).
Sigh! Unfortunately I was born after the gold watch era was ending and before “your own business” became the way to FU money. But, all in all, I survived it all even if “I didn’t do it MY WAY”.
Each era has its own challenges.
Success for your generation is: (1) ruthless financial discipline — no bad debt; (2) a life long interest in learning — education — a degree — they can’t take it away from you; (3) a NON-OFFSHORABLE white collar job in order to save big bux; (4) a blue collar skill for hard times — never saw a poor plumber; (5) one or more internet based businesses — your store is always open; (6) a free time hobby that generates income; and (7) a large will-maintained network of people who can “help” you.
I’ve blogged it before many many times and I think it’s still true.
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Reinke Faces Life 