Sir Lindsay Owen-Jones informed the Appointments and Governance Committee and then the Board of Directors, at its meeting, that he wished to complete the transfer of responsibilities to his successor before his 65th birthday on March 17th 2011, as planned from the outset and announced at the Annual General Meeting in 2005.

The Board of Directors recorded this proposition, and took the view that the environment was indeed once again favourable for the reunification of the roles of Chairman of the Board of Directors and Chief Executive Officer. On the proposal of the Appointments and Governance Committee, the Board of Directors voted unanimously and with acclamation in favour of appointing Mr Jean-Paul Agon as Chairman and CEO of L’Oréal.

To pay tribute to the exceptional contribution made by Sir Lindsay Owen-Jones to L’Oréal’s success during his 42 years with the group, including 23 years as Chairman, the Board has decided to appoint him Honorary Chairman. Sir Lindsay Owen-Jones will continue to be a director of L’Oréal and Chairman of the L’Oréal Foundation.

Sir Lindsay Owen-Jones said: "I am truly delighted that the great project I had formulated from the outset for L’Oréal has become reality. I would like in particular to express my thanks to the Board for the honour it has conferred on me with this distinction. I have every confidence in the future of L’Oréal and in the ability of Jean-Paul Agon and his teams to successfully continue this remarkable adventure".

Mr Jean-Paul Agon said: "I feel immensely proud. I am extremely honoured, and fully aware of the responsibility this appointment entails. I would like to express my heartfelt respect and gratitude to Sir Lindsay Owen-Jones for his support and his inspiration. L’Oréal has entered a new phase in its history: the universalisation of beauty. We have all the resources for this new conquest, as we continue the great L’Oréal adventure."

The group increased its turnover last year by 11.6% to 19.5 billion euros, while profits grew by 25% rising to 2.24 billion euros. Owen-Jone's successor, Jean-Paul Agon, has set himself an ambitious goal for the next ten years: He hopes to win over a billion new customers for L'Oréal. Agon has been working for L'Oréal for years and also running the business since 2006.

 

Source: L´Oréal; Agence France-Presse