Leonard A. Lauder — the son of Estée and Joseph Lauder, founders of the Estée Lauder beauty brand – has decided not to stand for re-election to The Estée Lauder Companies’ Board of Directors at the annual meeting in November.

Gary Lauder joins the board

Mr. Lauder, who will remain chairman emeritus of the company, has designated his son William P. Lauder, who serves as Executive Chairman, his son Gary M. Lauder to serve on the Board.

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. Until now, he was not involved with the family company management, however, he has periodically attended The Estée Lauder Companies’ Board meetings over the years as an invited observer.

As Chairman Emeritus, Leonard Lauder provides his advice and counsel on a variety of business topics including brand building, marketing, and understanding the global luxury consumer and is known around the company as "Chief Teaching Officer."

“My father envisioned and helped drive the growth and expansion of our Company from an iconic single brand to the global, brand-building powerhouse it is today. We’ve never wavered from his vision of being a home for the best brands and best people, all of whom are united in delivering high-quality, prestige beauty products and high-touch service and experiences, while maintaining our unique, values-driven culture,” said William P. Lauder, Executive Chairman.

Disappointing results

On August 18, the U.S. beauty giant has published disappointing results that led to the fall of its share price. Despite a dynamic beauty market, sales for the 2022/2023 financial year ended at the end of June were down 10% at USD 15.91 billion and net profit fell by half (USD 1.01 billion, compared to USD2.39 billion last year).

The company’s products are sold in approximately 150 countries 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 Ordinary and NIOD.