L’Occitane International has announced the departure of Laurent Marteau from his role as chief executive officer at the beauty giant, effective immediately.
A successor is yet to be announced.
The company said that Marteau is leaving the company to focus on personal pursuits, as well as other business interests.
A former member of the Swiss La Prairie group, Marteau joined L’Occitane International in August 2022, as CEO.
“The board sincerely thanks Mr. Marteau for his service and contribution to the company and wishes him well in his future endeavours,” according to a press release.
L’Occitane said its board has established an office of the chief executive whose members will manage the company’s day-to-day operations in the interim. The office consists of Reinold Geiger, chairman and controlling shareholder of the L’Occitane Group; Samuel Antunes, group chief financial officer; and Ingo Dauer, group general counsel.
The group is currently focused on transitioning to new management and corporate governance structures as it delists from the Hong Kong Stock Exchange, as previously announced back in May, which sees Geiger taking the firm private, in a multi-billion dollar deal.
The company said the delisting process is progressing as planned and is expected to be completed by October 16.
In its most recent trading update, L’Occitane International said sales grew 19.1 percent to EUR 2.54 billion for the year, driven by the strong performance of Sol de Janeiro and the steady performance of L’Occitane en Provence, particularly in China.