L'Oréal reshuffles international management team
French group L'Oréal, the international leader in the beauty and cosmetics markets, has reshuffled part of its international management team. Frédéric Rozé, the group’s current chief global growth officer has, according to a statement released on Thursday evening, “announced its intention to retire.” Rozé has been with the group for 38 years, and is expected to step down at the end of January 2024.
“I would like to pay tribute to Frédéric’s remarkable international career over the past 38 years,” said L’Oréal’s group CEO Nicolas Hieronimous. “The bold architect of the Group’s turnaround in North America, more recently as chief global growth officer, he has step-changed our ability to adopt a multi-zone approach to accelerate our global growth, especially in indirect e-commerce. A man of strong values with an unwavering sense of commitment to the group, he truly embodies the spirit of who we are - poets and craftsmen,” added Hieronimous.
L’Oréal has already planned Rozé’s handover for Q1 next year, and will appoint in his place Fabrice Megarbane, the current CEO of China and president of the North Asia region. Megarbane has been with L’Oréal since the early 2000s, initially with the Professional Products division. His career assumed an international dimension in 2008, when he took charge of the Lebanese market. He later led the Consumer Products division in the Africa and Middle East region and, before moving to China in 2019, he had been general manager of L’Oréal Germany since 2016.
“Under [Megarbane’s] leadership, not only has our business in China doubled in sales to a record market share while sustaining an ambitious sustainability agenda. We have also been able to increase our reputation as an employer and forge closer ties with key local stakeholders,” said Hieronimus. “In his new role, he will be able to draw on the vast experience he has gained in North Asia to accelerate other regions, drive our e-commerce growth and lead the Group’s transformation programs,” added Hieronimus.
Following this announcement, Vincent Boinay, who has been with L’Oréal since 1992 and is a member of the group's executive committee, as well as having overseen Travel Retail since 2014, will be appointed president of the North Asia region and CEO of L’Oréal China. Also in China, the current general manager of L'Oréal Luxe China, Laurence Ma, who has been with the group for 26 years, will be appointed to the newly created role of deputy CEO in charge of divisions – L’Oréal China, taking charge of three divisions.
As for Travel Retail, Emmanuel Goulin, who has been with the group since 2000 and is currently the CEO of L’Oréal Italy, will be appointed president of Travel Retail and will join the group’s executive committee at the start of 2024. Coulin knows the sector well, having been in charge of Travel Retail in the Asia-Pacific region from 2016 to 2021. “Under his leadership, the group has recorded double-digit growth [in Italy] for almost 3 years,” said L’Oréal.
In 2022, the L’Oréal group generated a revenue of €38.26 billion.
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