Governance changes in 2021
A new governance took effect on 1 May 2021, with the Board of Directors deciding to dissociate the functions of Chairman and Chief Executive Officer. Mr Jean-Paul Agon’s mandate as Chairman was renewed and Mr Nicolas Hieronimus was appointed Chief Executive Officer. This structure guarantees the sustainability of the Group’s performance, values and commitments, as well as the quality of its governance.
The manner in which general management is exercised has always been decided in the best interests of the company, constantly ensuring that the chosen mode of governance contributes to the optimum performance of the Group and creates the best possible conditions for its long-term development.
In fulfilling its mission to define the company’s overall strategic direction, the Board of Directors can rely on the experience of Mr Jean-Paul Agon. His expertise in governance issues is invaluable in addressing the growing expectations of stakeholders.
Mr Nicolas Hieronimus brings his recognised expertise in the cosmetics market and his intimate knowledge of L’Oréal and its teams, acquired during his 35-year career, as well as his ambitious vision of the future of beauty to build L’Oréal’s strategy in the coming years.
The Board of Directors supported another significant change in 2021 by approving the buyback of 4% of L'Oréal’s capital from Nestlé.
This new strategic milestone increases the stability of L'Oréal’s shareholder base around the Bettencourt Meyers founding family and Nestlé, and is in the interests of L'Oréal and all of its shareholders.
