L'Oréal: News release: "L’Oréal announces the succession of
Jean-Paul Agon as Chief Executive Officer from 1st May 2021"
L’Oréal announces the succession of
Jean-Paul Agon as Chief Executive Officer from 1st May
2021
Clichy, October 14th 2020 –
L’Oréal’s Board of Directors met today, on 14th October 2020 under
the chairmanship of Jean-Paul Agon. Following the recommendations
of the Appointments and Governance Committee, the Board decided on
new governance and a succession plan at the head of the Group.
As the Company's articles of association do not
provide for any exception to the legal retirement age of 65 years,
Jean-Paul Agon must hand over his duties as Chief Executive Officer
before July 2021.
In this context, the Board of Directors
announced its intention to dissociate the functions of Chairman and
Chief Executive Officer.
The Board announced its intention to renew
Jean-Paul Agon’s mandate as Chairman, a position he has held since
2011, and to appoint Nicolas Hieronimus as Chief Executive
Officer.
Nicolas Hieronimus joined L’Oréal 33 years ago
and has spent all his career with the Group, in many countries and
divisions. He has been Deputy CEO in charge of Divisions since
2017.
Sophie Bellon, Chairwoman of the Appointments
and Governance Committee and independent Director commented: "Our
Committee has been working for more than eighteen months on the
future governance of L’Oréal and the succession plan of Jean-Paul
Agon as CEO, in an approach that we wanted to be forward-looking,
objective and demanding. After studying the Group's major
challenges for the coming years, the Committee selected several
candidates, both men and women, with the skills and personal
qualities to meet these challenges successfully. The Committee then
interviewed them. Nicolas Hieronimus emerged as the most legitimate
candidate to succeed Jean-Paul Agon as Chief Executive Officer. His
appointment was therefore recommended to the Board, with the full
agreement of Jean-Paul Agon."
The Board of Directors is delighted to be able
to count on Jean-Paul Agon as Chairman and is keen to pay tribute
to him when the time comes. The Board would like to thank him
warmly for his 15 years as the Group’s CEO. Jean-Paul Agon imagined
the future of beauty and fundamentally transformed the company to
adapt it to the challenges of its time, while remaining faithful to
L’Oréal’s core fundamentals.
The Board of Directors is convinced that the
proposed organisation will guarantee the sustainability of the
performance, values and commitments of the Group, as well as the
quality of its governance. The Board of Directors and Nicolas
Hieronimus will benefit from Jean-Paul Agon’s successful and
recognised experience in both positions. The Board of Directors
will be able to count on his expertise in matters of governance to
meet the growing expectations of the Group’s stakeholders. Nicolas
Hieronimus will be able to count on the advice of Jean-Paul Agon,
in the framework of rich exchanges based on the relationship of
trust established between them over many years.
Furthermore, in his exchanges with the
Appointments and Governance Committee, Jean-Paul Agon, with the
agreement of the Board of Directors and the full support of Nicolas
Hieronimus, wished to maintain the role of Deputy CEO, a position
held by Nicolas Hieronimus at his side since 2017. Barbara
Lavernos, who will lead Research, Innovation, Technology from
February 2021, will be appointed Deputy CEO on May 1st,
2021.
******
Commenting on these decisions, Jean-Paul Agon
said: "At my request, the Appointments and Governance Committee
started working very early, on an in-depth process to select the
new Chief Executive Officer, which it conducted in an exemplary
manner.
Nicolas Hieronimus is an inspiring leader who
has all the qualities required to be the CEO of L’Oréal. His great
sensitivity to the needs and expectations of consumers, his perfect
understanding of the spirit of the times, his marketing experience
of beauty in all channels, countries and categories, his intimate
knowledge of the Group’s brands and his ability to unite and
engage teams make him the best candidate to lead L’Oréal. Nicolas
Hieronimus is also perfectly prepared for the role, given an
exemplary career of more than 30 years within the Group with major
successes, most notably at the helm of the L’Oréal Luxe Division.
For the last 3 years, he has played a key role by my side as Deputy
CEO, to animate our operational divisions, especially in the period
of crisis that we have been traversing for several months. He has
the Board of Directors’ full confidence, and as well as my own.
Given her background, skills and personal
qualities, Barbara Lavernos is perfectly equipped to take on the
strategic role of Deputy CEO. With her appointment, Research is
placed at the highest level of the Group, confirming its critical
role for L’Oréal. The new Direction, combining R&I and
Technology will be the cradle of the Group’s great inventions for
the future.
These changes reflect a spirit of great
continuity, to which L’Oréal has always been attached. I am
convinced that Nicolas Hieronimus will lead our Group to new
successes, with the full support of the 88 000 employees of
L’Oréal.
As Chairman, I will be delighted to continue to
serve the future of L’Oréal and to pursue our ambition of economic
and financial performance, and environmental, social and ethical
exemplarity."
*****
These changes will take effect on May 1st 2021
by decision of the Board of Directors at the meeting to be held
following the company’s Annual General Meeting on April 20th 2021,
a General Meeting that will notably be called upon to appoint
Nicolas Hieronimus as director and to approve the remuneration
policy corresponding to the new organisation.
*****
Nicolas Hieronimus
A graduate from ESSEC, in 1985, Nicolas
Hieronimus joined L'Oréal in 1987 as Product Manager. He became
marketing Director for the Laboratoires Garnier in 1993. In 1998,
he became General Manager of the Garnier Maybelline Division in the
UK. In 2000, he was named General Manager, L'Oréal Paris France,
and then International General Manager for L'Oréal Paris. In 2005,
he became General Manager of L'Oréal Mexico. In 2008, Jean-Paul
Agon appointed him as General Manager of the L’Oréal Professional
Products Division. In January 2011, he was appointed President
L’Oréal Luxe, a role that he held until the end of 2018. In 2013,
he took up the position of President Selective Divisions (Luxury,
Active Cosmetics, Professional Products). He was named Deputy CEO
in charge of Divisions in May 2017.
Barbara Lavernos
Engineer by training, Barbara Lavernos is a
graduate of l'Ecole des Hautes Etudes d'Ingénieur (HEI France).
Barbara Lavernos joined L’Oréal 29 years ago as a purchaser in the
Aulnay plant and then became head of procurement of the Ormes make
up and fragrance factory and Plant Director of the Rambouillet
factory in France. In 2004, Barbara Lavernos became Global Chief
Procurement Officer for the L’Oréal Group. In 2012, she was named
Managing Director of the Travel Retail business worldwide. In 2014,
Jean-Paul Agon appointed her Chief Operations Officer, and member
of the Executive Committee. She manages the whole value chain from
packaging design, sourcing, manufacturing to the worldwide supply
chain. Barbara also leads the Group's Global Information Technology
(IT) strategy and heads for the global IT teams as part of the
Beauty Tech transformation project. She will become President of
Research, Innovation and Technology from February 2021.
*****
About L'OréalL’Oréal has
devoted itself to beauty for over 100 years. With its unique
international portfolio of 36 diverse and complementary brands, the
Group generated sales amounting to 29.87 billion euros in 2019 and
employs 88,000 people worldwide. As the world’s leading beauty
company, L’Oréal is present across all distribution networks: mass
market, department stores, pharmacies and drugstores, hair salons,
travel retail, branded retail and e-commerce.Research and
innovation, and a dedicated research team of 4,100 people, are at
the core of L’Oréal’s strategy, working to meet beauty aspirations
all over the world. L’Oréal sets out ambitious sustainable
development goals across the Group for 2030 and aims to empower its
ecosystem for a more inclusive and sustainable society.More
information: https://mediaroom.loreal.com/
"This press release does not constitute an offer
of sale or solicitation of an offer to purchase L'Oréal shares. If
you wish to obtain more comprehensive information about L'Oréal,
please refer to the public documents registered in France with the
Autorité des Marchés Financiers, also available in English on our
website www.loreal-finance.com.This press release may contain
forecast information. While the Company believes that these
statements are based on reasonable assumptions as of the date of
publication of this press release, they are by nature subject to
risks and uncertainties which may lead to a discrepancy between the
actual figures and those indicated or suggested in these
statements.”
L'ORÉAL CONTACTSIndividual Shareholders
and Market RegulatorsChristian MUNICHTel.: +33 (0)1 47 56
72 06christian.munich2@loreal.comFinancial Analysts and
Institutional InvestorsFrançoise LAUVINTel.: +33 (0)1 47
56 86 82francoise.lauvin@loreal.comMediaPolina
HUARDTel.: +33 (0)1 47 56 87 88polina.huard@loreal.com
Switchboard: +33 (0)1 47 56 70 00
For further information, please contact your
bank, stockbroker of financial institution (I.S.I.N. code:
FR000012031) and consult your usual newspapers or magazines or the
Internet site for shareholders and investors,
www.loreal-finance.com, the L’Oréal Finance app or call the
toll-free number from France: 0 800 66 66 66.
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