(Bloomberg) -- Cosmetics giant L'Oreal SA is set to pick an internal successor this fall for Chief Executive Officer Jean-Paul Agon.
A governance and nomination committee is set to recommend a candidate to L'Oreal's board, and an announcement should follow around that same time, Agon said Tuesday during the company's annual meeting. The transition to the future pick will happen next year, he said.
“The board assessed that internally, L'Oreal had all the resources to find the right male or female candidates of great quality,” Agon told shareholders during the online meeting.
Agon, who joined L'Oreal in 1978, has been CEO since 2006 and chairman since 2011. He will turn 65 in July of next year.
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