L'Oréal chairman bids company adieu

PARIS — French beauty company L'Oréal has announced the departure of Lindsay Owen-Jones, the company's longtime chairman.

The company stated that Owen-Jones wished to complete the transfer of responsibilities to his successor, Jean-Paul Agon, before his 65th birthday on March 17, as planned and announced at the annual general meeting in 2005.

Owen-Jones has spent 42 years with the group, including 23 years as chairman. He has served solely as chairman since he relinquished the CEO role to Agon in 2006. According to L'Oréal, Owen-Jones has been appointed honorary chairman and will continue to be a director of L'Oréal and chairman of the L'Oréal Foundation.

"I am truly delighted that the great project I had formulated from the outset has become reality. I would like, in particular, to express my thanks to the board for the honor it has conferred on me with this distinction," Owen-Jones stated. "I have every [confidence] in the future of L'Oréal and in the ability of Jean-Paul Agon and his teams to successfully continue this remarkable adventure."

Added Agon, "I feel immensely proud. I am extremely honored and fully aware of the responsibility this appointment entails. I would like to express my heartfelt respect and gratitude to Sir Lindsay Owen-Jones for his support and his inspiration. L'Oréal has entered a new phase in its history: the universalization of beauty. We have all the resources for this new conquest as we continue the great L'Oréal adventure."