Francoise Bettencourt Meyers, the heir to the L’Oréal fortune, will step down from the company’s board later this year. The transition marks a shift in leadership within the Bettencourt Meyers family, which owns a 35% stake in the cosmetics company.
The company announced the changes on Thursday while reporting its fourth-quarter earnings. Bettencourt Meyers will be replaced on the board by Alexandre Benais, deputy CEO of Téthys Invest, the family’s holding company and L’Oréal’s largest shareholder. The changes will take effect following a shareholder vote at the company’s annual general meeting in April.
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Bettencourt Meyers, 71, has been on L’Oréal’s board since 1997 and has served as vice-chairwoman since 2020. She will pass her role as vice-chairman to her son, Jean-Victor Meyers, 38, who is already a director. His younger brother, Nicolas Meyers, also sits on the board.
The decision signals a generational transition in the family’s leadership. Benais, who will take Bettencourt Meyers’ board seat, leads Téthys Invest, which manages the family’s financial assets.
The Bettencourt Meyers family holds a significant interest in L’Oréal, valuing its wealth at approximately $76 billion, according to the Bloomberg Billionaires Index. L’Oréal shares have fallen by about 20% over the past year amid reduced demand for cosmetics, particularly in China. In December 2023, Bettencourt Meyers became the first woman in the world to reach a net worth of $100 billion, a milestone for both her and France’s fashion and cosmetics industries.
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L’Oréal, founded in 1909 by Bettencourt Meyers’ grandfather, chemist Eugène Schueller, has been managed by executives from outside the family for decades. The company has remained a dominant force in the global beauty industry.
Bettencourt Meyers became L’Oréal’s primary heiress in 2017 following the death of her mother, Liliane Bettencourt, who was the world’s richest woman at the time. Her inheritance was the focus of a high-profile legal case in France, where eight individuals were convicted of exploiting her mother, who suffered from dementia and Alzheimer’s disease. Among those found guilty was photographer François-Marie Banier, who received gifts worth hundreds of millions of dollars, including artworks by Picasso and Matisse.
Bettencourt Meyers serves as president of her family’s philanthropic foundation, which supports advancements in science and the arts in France. In April 2019, the Bettencourt Meyers family and L’Oréal jointly pledged $226 million for the restoration of Notre Dame Cathedral following a devastating fire. The cathedral reopened in December.
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Bettencourt Meyers keeps a low public profile and avoids the high-profile social circles associated with many of the world’s wealthiest individuals. She has authored two books, including “A Look at the Bible,” a five-volume study, and a genealogy of Greek gods. She is known for dedicating several hours each day to playing the piano.
As of Thursday, Bettencourt Meyers ranked as the 20th-wealthiest person in the world, with a net worth of $76.1 billion. She is the second-richest woman globally, behind Alice Walton, the Walmart heir, who holds an estimated net worth of $110.9 billion and is ranked 15th.
The leadership transition at L’Oréal marks a significant shift in the family’s role in the company while maintaining its strong influence over the business. The succession will be closely monitored as the next generation assumes greater responsibility within the world’s largest cosmetics company.
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