Ronald S Lauder has retired from the Estée Lauder Company's board of directors. He will continue to serve as chairman of Clinique Laboratories and as an officer of Estée Lauder Co. The 65-year-old steps down after 41 years and is replaced by his daughter, Jane Lauder.
"I am proud that the next generation of our family will continue to help lead this great company," said Ronald. "This is an important opportunity for my daughter Jane to continue to evolve as a leader and help the company carry out the next phase of its growth. It has been an honour to serve with my fellow directors on our board and I look forward to continuing my work as an officer of the company."
Ronald is the son of Estée (pictured) and Joseph Lauder, founders of the business, and the younger brother of Leonard Lauder who now serves as chairman emeritus. Leonard handed the chairmanship of the board over to son William last month, when the company concluded its succession plan, part of which included hiring non-family CEO Fabrizio Freda. (Read more: Estee Lauder's model succession)
Forbes lists Ronald among the richest people of the world with an estimated net worth of $3 billion in 2007. "Ronald's astute insight, excellent judgment and extensive global experience have greatly contributed to the success of Estée Lauder Co," said brother William. "During his more than 40 years of service to the company and the board, Ronald helped build the foundation of excellence that has shaped our company's culture and growth. On behalf of my fellow directors, I thank Ronald for his leadership and many contributions."
Jane Lauder, 36, steps up from her current role as senior vice president/general manager of the company's Origins brand, a position she has held since July 2008.
"We are very pleased that Jane has joined our board of directors," said William. "Jane's innovative marketing sense, longstanding commitment to our company and proven talent has earned her the respect of our directors. She has a deep understanding of our business and the family values upon which our company has been built. I am confident she will help to carry on the heritage that has been instrumental in driving long-term shareholder value and enhancing our role as the leader in prestige beauty."
Estée Lauder Co manufactures and markets skin care, makeup, fragrance and hair care products which are sold in over 140 countries. It has a turnover of approximately $8 billion.