Long-serving Estée Lauder Companies (ELC) board member Richard Parsons is departing the company, effective immediately, due to health reasons.
Parsons, who has served at the US beauty giant for 25 years, is retiring from his role on the board at ELC, as well as all his other current board roles, due to ill health.
Parsons has been cited as playing a pivotal role in shaping ELC’s governance, particularly in ESG initiatives and executive compensation strategies.
“Mr Parsons, a Class II director, has been a board member since 1999, and was a member of the Nominating and ESG Committee and a member of the Compensation Committee,” said ELC in a filed Form 8-K.
“The company is tremendously grateful for his valuable insights and contributions during the time he served on the board.”
A successor has not yet been announced.
In other news, ELC has undergone a significant changing of the guards lately to boost the business.
This leadership shake-up includes Stéphane de La Faverie being appointed the company’s new President and CEO.
He succeeds long-term ELC President and CEO Fabrizio Freda, who announced in August he would retire next year.
Jane Lauder, the granddaughter of Estée Lauder, is also departing the business after 28 years.
Three changes have even been made to ELC’s North America leadership team to fuel its next phase of growth.
In the UK, meanwhile, Pernilla Nyberg has been named the new Senior VP and GM.
She succeeds UK & Ireland President Sue Fox, who is retiring after 30 years.