LEONARD A. Lauder, the billionaire head of the Este Lauder Companies cosmetics fortune, will be stepping down from the company's Board of directors in Nov of this year.
The 90-year-old's son, William Lauder, is currently the Executive Chairman of the Board, while his other son, Gary Lauder, serves as the Managing Director of Lauder Partners LLC, a US-based venture capital firm.
Gary will take over his father's role once he vacates, while Leonard will remain Chairman Emeritus of the Board.
"As Chairman Emeritus of the company, I'm looking forward to continuing my work as an advisor and 'chief teaching officer,' serving what I believe to be the best company in the world", Leonard said in an internal memo.
He first started working at Estee Lauder in 1958 and has held multiple senior positions, including President and CEO, Chairman of the Board and finally, Chairman Emeritus for the company.
The Lauder family has a 35% stake in the company.
The above article was sent to subscribers in Pharmacy Daily's issue from 07 Sep 23
To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 07 Sep 23
