Leonard Lauder to leave Estée Lauder board

The Estée Lauder Companies announced on Thursday that chairman emeritus Leonard Lauder has informed the cosmetics giant of his decision not to stand for re-election to its board of directors at the annual meeting in November.

The New York-based company said Lauder will remain chairman emeritus of the company, which owns Estée Lauder, Tom Ford Beauty, Jo Malone London, and M.A.C.

Lauder joined The Estée Lauder Companies in 1958 and served as president from 1972 to 1995 and as chief executive officer from 1982 to 1999. He became chairman of the board in 1995 and served in that role through June 2009, until he was appointed chairman emeritus for the company.

In the role, Lauder provides advice and counsel on business topics including brand building, marketing, and understanding the global luxury consumer.

He also continues to play an active role as chief teaching officer, educating leaders throughout the company with his brand symposiums and through speaking engagements with global employees.

“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 Lauder, executive chairman.

“It has been an incredible honor and privilege to have worked with and learned from my father over the years. I look forward to continuing to learn from him and know his passion for this industry, this company, our employees and our consumers is as strong as ever.”

Pursuant to the stockholders’ agreement among Lauder family members and the company,  Lauder has the right to designate two directors of the company.

In addition to his son William Lauder, Lauder has designated his other 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. The scion has periodically attended the company’s board meetings over the years as an invited observer, which has provided him with a long-term view of the company, the company added.

“It has been an honor and privilege to serve on the board of the company my mother and father created over 75 years ago,” said Leonard Lauder.

“This board is one of the best in the business. 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 [the company’s CEO], 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.”