ACCUR Recruiting Services’ CEO Edouard Thoumyre was asked to comment on the pending change in L’Oréal’s top management in a new article for Women’s Wear Daily. The storied, 100-year-old cosmetics company does not take such transitions lightly and our CEO was asked about the skillset required to manage such a large and multifaceted business.
L’Oréal mandates that its chief executives retire at age 65, and the current CEO, Jean-Paul Agon, who has served in the role for 14 years, will turn 65 next year. L’Oréal has only five CEOs in its century of existence, because those selected tend to stay in the position for a long time.
Due to the incredible market dominance of the brand, and its history, obviously it’s a closely watched succession story. With extensive experience serving multinational conglomerates like L’Oréal with executive search services, our CEO weighed in for WWD on the skills needed for the job:
“The fact that they are predominantly a mass-market group with around 50 percent [of sales], it means they need somebody who has great experience with the Consumer Products Division, but because luxury is also about a third, they also need to a have a serious foot in the Luxe Division,” said Edouard Thoumyre, managing partner at Accur Recruiting Services, adding the next in line would need to have held high-ranking positions in key geographic markets, as well.
Deputy CEO Nicolas Hieronimus, a veteran of the company, has long been viewed as an heir apparent. Other key contenders for the CEO position are company insiders and include Stéphane Rinderknech, President North America, Alexis Perakis-Valat, President Consumer Products Division and Barbara Lavernos, Executive Vice President chief technology and operations officer.
We look forward to L’Oréal’s exciting announcement of a new CEO.