Leonard Lauder, the billionaire owner of Estée Lauder Companies' cosmetics fortune, plans to step down from the company's board in November. Mr. Lauder will remain chairman emeritus of the company.
His 90-year-old son, William Lauder, currently serves as chairman of the board. His other son, Gary Lauder, is a managing director at Silicon Valley-based venture capital firm Lauder Partners LLC and is scheduled to join the board in November, when his father will vacate the seat. be.
“As chairman emeritus of the company, I look forward to continuing my work as an advisor and 'chief educational officer' and contributing to what I believe is the best company in the world,” said Leonard Lauder. Stated. beauty business.
Leonard Lauder joined the cosmetics company in 1958 and has held a number of executive positions, including president and chief executive officer, chairman of the board, and finally chairman emeritus. The Roeder family collectively owns his 35% of the company's stock.
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Even at home, Estée Lauder lags behind rivals such as L'Oréal.
Estée Lauder has spent the past two years strengthening its global supply chain to reach new customers across Asia. Executives welcome these investments as they position the company to accelerate growth in key regions. Analysts praise the construction of manufacturing plants in Japan, innovation centers in China and duty-free business distribution facilities in Switzerland, but lament that it has been years slow.
Editor's note: This article was amended on August 25, 2023 to reflect that Leonard Lauder will remain chairman emeritus of The Estée Lauder Companies.
