The L’Oréal Group has named Nicolas Hieronimus and Barbara Lavernos as Chief Executive Officer and Deputy Chief Executive Officer, respectively.

Hieronimus, a 33-year veteran of the Group and Deputy CEO for the last three years, replaces current CEO Jean-Paul Agon.

Agon will continue as Chairman of the Group, the beauty giant’s Board of Directors decided at a meeting held yesterday (14 October) to confirm a new governance and succession plan.

He will hand over his CEO duties in line with internal company policy, which requires individuals to retire, without exemption, at 65 years of age.

LENGTHY SUCCESSION PLANNING

Hieronimus and Lavernos will begin their new CEO and Deputy CEO tenures from May 2021.

In a statement, the Group paid tribute to Agon’s 15 years as CEO during which time he ‘fundamentally transformed the company to adapt it to the challenges of its time, while remaining faithful to L’Oréal’s core fundamentals’.

Sophie Bellon, Chairwoman of the Appointments and Governance Committee and Independent Director commented: “Our Committee has been working for more than eighteen months on the future governance of L’Oréal and the succession plan of Jean-Paul Agon as CEO, in an approach that we wanted to be forward- looking, objective and demanding.

“After studying the Group’s major challenges for the coming years, the Committee selected several candidates, both men and women, with the skills and personal qualities to meet these challenges successfully.

“The Committee then interviewed them. Nicolas Hieronimus emerged as the most legitimate candidate to succeed Jean-Paul Agon as Chief Executive Officer. His appointment was therefore recommended to the Board, with the full agreement of Jean-Paul Agon.”

Jean-Paul Agon added: “Nicolas Hieronimus is an inspiring leader who has all the qualities required to be the CEO of L’Oréal. His great sensitivity to the needs and expectations of consumers, his perfect understanding of the spirit of the times, his marketing experience of beauty in all channels, countries and categories, his intimate knowledge of the Group’s brands and his ability to unite and engage teams make him the best candidate to lead L’Oréal.

“Given her background, skills and personal qualities, Barbara Lavernos is perfectly equipped to take on the strategic role of Deputy CEO. With her appointment, Research is placed at the highest level of the Group, confirming its critical role for L’Oréal. The new Direction, combining R&I and Technology will be the cradle of the Group’s great inventions for the future.”