02.10.11
Lindsay Owen-Jones will retire as chairman of L'Oréal’s board by March 17 and become its honorary chairman. Jean-Paul Agon, currently L’Oréal chief executive officer, will become company chairman and CEO.
Owen-Jones, 64, has had an unprecedented 42-year run at L’Oréal, including 23 years as chairman. Heis credited with transforming L’Oréal from a major French export player into the world’s No. 1 beauty company with a diversified management and globalized portfolio of brands.
L’Oréal also reported that its fourth-quarter 2010 sales rose 11.4% to 5 billion euros, or $6.77 billion.
The company’s full-year revenues climbed 11.6% to 19.5 billion euros, or $25.89 billion.