L’Oreal’s Liliane Bettencourt Resigns from Board of Directors


PARIS—L'Oreal chief executive Jean-Paul Agon announced Liliane Bettencourt, one of the principal shareholders of L'Oréal and France’s wealthiest woman, resigned from the Board of Directors. Agon said her 25-year-old grandson Jean-Victor Meyers will be replacing her position, noting Bettencourt’s resignation will have no effect on the shareholder agreement between the family and Swiss food group Nestle, which owns 31 percent of L'Oreal, over the company's future, as reported by Reuters.

He also said in a news conference that the three family representatives on the board would continue to vote in a block.

"This transition is, I think, a transition that is absolutely ideal because it changes nothing regarding the balance of L'Oreal's shareholding structure or the functioning of the board of directors," Agon said. "It's very reassuring for the stability of the company."

Bettencourt, 89, who has a 30-percent stake in L'Oreal, lost control of her own business affairs last October after a medical examination concluded she was suffering from a form of dementia. Meyers was designated to look after Bettencourt's health and physical well-being by the same judge who in October awarded her daughter control over her wealth and income.