The Estée Lauder Companies announced on Thursday that chairman emeritus Leonard Lauder has informed the cosmetics giant of his decision not to stand for re-election to its board of directors at the annual meeting in November.
Lauder joined The Estée Lauder Companies in 1958 and served as president 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, Lauder provides advice and counsel on business topics including brand building, marketing, and understanding the global luxury consumer, which he will continue serving in and sees him educate company leaders. He also continues to play an active role as chief teaching officer, educating leaders throughout the company.
Now, as he steps down, Lauder has designated his two sons to roles on ELC’s executive team. In addition to his son William P. Lauder, who is currently the Executive Chairman, Leonard has designated his son Gary M. Lauder to serve on the Board.
“My father envisioned and helped drive the growth and expansion of our Company from an iconic single brand to the global, brand-building powerhouse it is today. We’ve never wavered from his vision of being a home for the best brands and best people, all of whom are united in delivering high-quality, prestige beauty products and high-touch service and experiences, while maintaining our unique, values-driven culture,” said William Lauder, executive chairman.
Gary Lauder is the Managing Director of Lauder Partners LLC, a Silicon Valley-based venture capital firm, and has periodically attended the Company’s Board meetings over the years as an invited observer, which has provided him with a long-term view of the Company.
“It has been an honor and privilege to serve on the Board of the Company my mother and father created over 75 years ago,” said Leonard Lauder.
“This Board is one of the best in the business. 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.”
