Chairman and CEO of L’Oréal, Jean-Paul Agon, will be stepping down in summer 2021.
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It is the French beauty giant’s policy for a CEO to step down and have a successor announced before the incumbent’s 65th birthday. Agon’s birthday is on 6th July, and his successor is set to be named this fall.
In an interview with French newspaper Le Monde in March, Agon said, “The company statutes specify that everything has to be taken care of before the CEO reaches their 65th birthday. I will be celebrating that birthday on 6th July, 2021. As a result, the handover will most likely be done between the AGM in spring, and the summer.”
Jean-Paul Agon has enjoyed an outstanding 42-year career at L’Oréal Group, joining the company as a product manager in the consumer products division in 1978. He held several leadership positions before being elected as Chief Executive Officer in 2006. He was instrumental in leading L’Oréal Group’s digital and sustainable transformation and drove the company’s inclusive ‘Beauty for All’ ethos.
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Agon’s successor will be selected by a nominating committee and presented to the Board of Directors. The highly regarded L’Oréal Group Deputy CEO Nicolas Hieronimus is said to be first in line for the position.
(Source: Moodie Davitt Report)