Ronald S. Lauder to Retire from The Estée Lauder Companies’ Board of Directors
The Estée Lauder Companies (NYSE: EL) announced today that Ronald S. Lauder will retire from the Company’s Board of Directors (the “Board”) effective immediately. Pursuant to the stockholders’ agreement among Lauder family members and the Company, Mr. Lauder has the right to designate two directors of the Company. His daughter Jane Lauder will continue to serve on the Board in her current position, and he has named his son-in-law Eric Zinterhofer, who is married to his daughter Aerin Lauder, to be his second designee. In connection with Mr. Lauder’s retirement from the Board and his designation of Mr. Zinterhofer as his nominee, the Board has elected Mr. Zinterhofer effective immediately. Mr. Lauder will remain Chairman of Clinique Laboratories, LLC.
Mr. Zinterhofer joins the Board with extensive financial, investing and global business experience, and is currently a Founding Partner of Searchlight Capital Partners. He serves on the Investment Committee, Operating Committee and Valuation Committee, and is jointly responsible for overseeing the Firm’s activities with the two other Founding Partners. He serves on the boards of several portfolio companies of Searchlight including Care Advantage, Hemisphere, Liberty Latin America, and TelevisaUnivision, and serves as Chairman of the Board of Charter Communications. Prior to co-founding Searchlight, he was a senior partner at Apollo Management in New York. Mr. Zinterhofer received a BA in both honors economics and European history, cum laude, from the University of Pennsylvania and an MBA from the Harvard Business School.
Mr. Lauder joined the Company in 1964 and has served in various capacities. He was a member of the Board of Directors of the Company from 1968 to 1986, from 1988 to July 2009 and from 2016 through his most recent retirement.
“As a member of the Lauder family and Director on the Board, Ronald has been a steadfast advocate for The Estée Lauder Companies, our people, and our brands. His dedication and strategic vision have been integral to ensuring our company is built upon a strong foundation. On behalf of the organization, I want to express my heartfelt gratitude for his remarkable service and leadership,” said William P. Lauder, Chair of the Board. He continued, “I would also like to welcome Eric to the Board. As a member of the family, Eric will continue to champion the values at the heart of our company while bringing a fresh perspective at this pivotal moment. We are confident Eric’s significant governance experience, strategic insight, and industry knowledge will be an asset to the company and advance our plans for long-term growth.”
Regarding this transition, Mr. Ronald Lauder said, “For more than 50 years, it has been an incredible honor and privilege to serve The Estée Lauder Companies. While I may be retiring from this position on the Board, I will continue to be committed to supporting this incredible company, the next generation of the Lauder family in leadership, and our family legacy. I am confident Eric’s experience and perspective will be an asset to the company’s long-term vision and plans to return to growth, while maintaining the values at the heart of our work.”
“During his more than 50 years of contributions to The Estée Lauder Companies, including his service on the Board, Ronald helped build a foundation of excellence. While we will miss Ronald in his board capacity, Eric is an outstanding choice as his designee. On behalf of my fellow Directors, I thank Ronald for his leadership and many contributions and welcome Eric to the Board,” said Richard F. Zannino, the Company’s Lead Independent Director.
In addition to his activities with The Estée Lauder Companies, Mr. Lauder served as Deputy Assistant Secretary of Defense for European and NATO Affairs from 1983 to 1986. From 1986 to 1987, he was U.S. Ambassador to Austria. Mr. Lauder is an Honorary Chairman of the Board of Trustees of the Museum of Modern Art and President of the Neue Galerie. He is also Chairman of the Board of Governors of the Joseph H. Lauder Institute of Management and International Studies at The Wharton School at the University of Pennsylvania and the co-founder and Co-Chairman of the Alzheimer’s Drug Discovery Foundation.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include those in the various quotations. Although the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, actual results may differ materially from the Company’s expectations. Factors that could cause actual results to differ from expectations include the ability to successfully implement its strategy, including the Company’s profit recovery and growth plan; successfully transition its leadership; and those other factors described in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K. The Company assumes no responsibility to update forward-looking statements made herein or otherwise.
About The Estée Lauder Companies
The Estée Lauder Companies Inc. is one of the world’s leading manufacturers, marketers, and sellers of quality skin care, makeup, fragrance, and hair care products, and is a steward of luxury and prestige brands globally. The Company’s products are sold in approximately 150 countries and territories under brand names including: Estée Lauder, Aramis, Clinique, Lab Series, Origins, M·A·C, La Mer, Bobbi Brown Cosmetics, Aveda, Jo Malone London, Bumble and bumble, Darphin Paris, TOM FORD, Smashbox, AERIN Beauty, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, KILIAN PARIS, Too Faced, Dr.Jart+, the DECIEM family of brands, including The Ordinary and NIOD, and BALMAIN Beauty.
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