The Estée Lauder Companies announced that Ronald S. Lauder has retired from the Company’s Board of Directors, effective immediately. Lauder will remain Chairman of Clinique Laboratories, LLC.
According to the stockholders’ agreement, Lauder has the right to designate two directors. He named his son-in-law Eric Zinterhofer, who is married to his daughter Aerin Lauder, his second designee, who the Board has elected, effective immediately.
Lauder’s daughter Jane Lauder will continue to serve on the Board in her current position.
Ronald S. Lauder joined the Company in 1964 and has served in various capacities. He was a member of the Board of Directors of the company from 1968 to 1986, from 1988 to July 2009, and from 2016 through his most recent retirement.
Lauder said,
“For more than 50 years, it has been an incredible honor and privilege to serve The Estée Lauder Companies. While I may be retiring from this position on the Board, I will continue to be committed to supporting this incredible company, the next generation of the Lauder family in leadership, and our family legacy. I am confident Eric’s experience and perspective will be an asset to the company’s long-term vision and plans to return to growth, while maintaining the values at the heart of our work.”
In addition to his activities with ELC, Lauder served as Deputy Assistant Secretary of Defense for European and NATO Affairs from 1983 to 1986. He was also the U.S. Ambassador to Austria from 1986 to 1987.
Lauder is an Honorary Chairman of the Board of Trustees of the Museum of Modern Art and President of the Neue Galerie. He is also Chairman of the Board of Governors of the Joseph H. Lauder Institute of Management and International Studies at The Wharton School at the University of Pennsylvania and the co-founder and Co-Chairman of the Alzheimer’s Drug Discovery Foundation.
Richard F. Zannino, the Company’s Lead Independent Director, commented,
“During his more than 50 years of contributions to The Estée Lauder Companies, including his service on the Board, Ronald helped build a foundation of excellence. While we will miss Ronald in his board capacity, Eric is an outstanding choice as his designee. On behalf of my fellow Directors, I thank Ronald for his leadership and many contributions and welcome Eric to the Board.”
Zinterhofer joins the Board with financial, investing, and global business experience and is currently a Founding Partner of Searchlight Capital Partners.
He serves on the Investment Committee, Operating Committee, and Valuation Committee, and is jointly responsible for overseeing the Firm’s activities with the two other Founding Partners.
He serves on the boards of several portfolio companies of Searchlight, including Care Advantage, Hemisphere, Liberty Latin America, and TelevisaUnivision, and serves as Chairman of the Board of Charter Communications.
Before co-founding Searchlight, he was a senior partner at Apollo Management in New York.
William P. Lauder, Chair of the Board, stated,
“I would also like to welcome Eric to the Board. As a member of the family, Eric will continue to champion the values at the heart of our company while bringing a fresh perspective at this pivotal moment. We are confident Eric’s significant governance experience, strategic insight, and industry knowledge will be an asset to the company and advance our plans for long-term growth.”
According to the stockholders’ agreement, Lauder has the right to designate two directors. He named his son-in-law Eric Zinterhofer, who is married to his daughter Aerin Lauder, his second designee, who the Board has elected, effective immediately.
Lauder’s daughter Jane Lauder will continue to serve on the Board in her current position.
Ronald S. Lauder joined the Company in 1964 and has served in various capacities. He was a member of the Board of Directors of the company from 1968 to 1986, from 1988 to July 2009, and from 2016 through his most recent retirement.
Lauder said,
“For more than 50 years, it has been an incredible honor and privilege to serve The Estée Lauder Companies. While I may be retiring from this position on the Board, I will continue to be committed to supporting this incredible company, the next generation of the Lauder family in leadership, and our family legacy. I am confident Eric’s experience and perspective will be an asset to the company’s long-term vision and plans to return to growth, while maintaining the values at the heart of our work.”
In addition to his activities with ELC, Lauder served as Deputy Assistant Secretary of Defense for European and NATO Affairs from 1983 to 1986. He was also the U.S. Ambassador to Austria from 1986 to 1987.
Lauder is an Honorary Chairman of the Board of Trustees of the Museum of Modern Art and President of the Neue Galerie. He is also Chairman of the Board of Governors of the Joseph H. Lauder Institute of Management and International Studies at The Wharton School at the University of Pennsylvania and the co-founder and Co-Chairman of the Alzheimer’s Drug Discovery Foundation.
Richard F. Zannino, the Company’s Lead Independent Director, commented,
“During his more than 50 years of contributions to The Estée Lauder Companies, including his service on the Board, Ronald helped build a foundation of excellence. While we will miss Ronald in his board capacity, Eric is an outstanding choice as his designee. On behalf of my fellow Directors, I thank Ronald for his leadership and many contributions and welcome Eric to the Board.”
Zinterhofer joins the Board with financial, investing, and global business experience and is currently a Founding Partner of Searchlight Capital Partners.
He serves on the Investment Committee, Operating Committee, and Valuation Committee, and is jointly responsible for overseeing the Firm’s activities with the two other Founding Partners.
He serves on the boards of several portfolio companies of Searchlight, including Care Advantage, Hemisphere, Liberty Latin America, and TelevisaUnivision, and serves as Chairman of the Board of Charter Communications.
Before co-founding Searchlight, he was a senior partner at Apollo Management in New York.
William P. Lauder, Chair of the Board, stated,
“I would also like to welcome Eric to the Board. As a member of the family, Eric will continue to champion the values at the heart of our company while bringing a fresh perspective at this pivotal moment. We are confident Eric’s significant governance experience, strategic insight, and industry knowledge will be an asset to the company and advance our plans for long-term growth.”
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