Leonard Lauder to step down from Estée Lauder board
Leonard Lauder, the Chairman Emeritus of Estée Lauder Companies, will not to stand for re-election to the Board of Directors when his current term expires in November.
Lauder formally joined Estée Lauder Companies in 1958, serving as President from 1972 to 1995 and CEO from 1982 to 1999.
He became Chairman of the Board in 1995 until June 2009, when he was appointed Chairman Emeritus for the company.
As Chairman Emeritus, Lauder provides advice and counsel on a variety of business topics including brand building, marketing, and understanding the global luxury consumer.
He also plays an active role as "Chief Teaching Officer", educating leaders throughout the company with his brand symposiums and speaking engagements with global employees.
Pursuant to the stockholders’ agreement among Lauder family members and the company, Lauder has the right to designate two directors.
In addition to his son William Lauder, who serves as Executive Chairman, Lauder has designated his son Gary Lauder to serve on the board. As a result, the board will include his name among the nominees for election at the company’s annual meeting.
Gary Lauder is the Managing Director of Lauder Partners LLC, a Silicon Valley-based venture capital firm. He has been a venture capitalist since 1985, investing in over 150 private companies.
Leonard Lauder, Chairman Emeritus of the Estée Lauder Companies, said: "It has been an honour and privilege to serve on the board of the company my mother and father created over 75 years ago.
"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.
"As Chairman Emeritus of the company, I’m looking forward to continuing my work as advisor and Chief Teaching Officer, serving what I believe to be the best company in the world."