admin Chairman emeritus Leonard Lauder has announced that he won’t stand for re-election to the board of directors of Estée Lauder Companies (ELC) at the firm’s upcoming annual meeting.
The move will end the executive’s long reign at the top of the beauty giant, which he initially joined in 1958 and served as president of from 1972 to 1995, as well as CEO from 1982 to 1999.
Lauder stepped into the role of chairman of the board in 1995 before his appointment to chairman emeritus in June 2009.
During his time in the position, he was credited with advising on a variety of business topics, while also playing the role of chief teaching officer, which he will continue serving in and sees him educate company leaders.
Now, as he steps down, Lauder has designated his two sons to roles on ELC’s executive team.
While William Lauder is serving the company as executive chairman, Gary Lauder is to join the ELC board, with his name now added to the nominees for election in the company’s meeting in November.
In a release, Leonard Lauder expressed his honour at serving on the board of the company his parents founded over 75 years ago, adding: “I feel confident that the company’s leadership and board will continue to guide our strategy to deliver long-term growth.
“Additionally, I continue to believe in the success of our company through the skillful and thoughtful management by William, Fabrizio, and the entire leadership team.
“The nomination of Gary to the board further reflects my family’s long-term stewardship, and our support of the vision, values, and people who will drive the company’s future success.”
