L'Oréal: News release: "Annual General Meeting and Board of Directors’ Meeting of 20 April 2021"
20 Aprile 2021 - 06:00PM
L'Oréal: News release: "Annual General Meeting and Board of
Directors’ Meeting of 20 April 2021"
Clichy, Tuesday 20 April 2021
Annual General Meeting
and Board
of Directors’ Meeting
of 20 April 2021
-
Appointments as directors of Mr Nicolas Hieronimus and Mr
Alexandre Ricard
- Renewal
of the term of office as
directors of Ms Françoise Bettencourt Meyers, Mr Paul Bulcke and Ms
Virginie Morgon
- Approval
of a dividend of €4 per share
-
Dissociation of the functions of Chairman of the Board of
Directors and Chief Executive Officer as of 1st May
2021 decided by the Board of Directors:
- Mr
Jean-Paul Agon Chairman of the Board of Directors
- Mr
Nicolas Hieronimus appointed Chief Executive Officer
- Share
buyback for a maximum of euro
1.2 billion
and a maximum number of 3 million shares
The L’Oréal Annual General
Meeting took place today behind closed doors in Clichy,
without the physical presence of the shareholders, in compliance
with the emergency measures adopted by the French Government to
curb the spread of Covid-19. The Meeting was livestreamed on the
Company’s website.
The Annual General Meeting adopted all the
proposed resolutions, and in particular:
- Approved the parent company
financial statements and the consolidated financial statements for
2020
- Decided on the distribution of a
dividend of €4 per share. This dividend is increased to
€4.40 for shares that have been continuously held in the
registered form since 31 December 2018 at the latest up until the
dividend payment date, i.e. Thursday 29 April 2021.
-
Appointed two new directors, Mr Nicolas Hieronimus and Mr Alexandre
Ricard for a four-year term
-
Renewed the term of office as directors of Ms Françoise Bettencourt
Meyers, Mr Paul Bulcke and Ms Virginie Morgon for a four-year
term.
Meeting after the Annual General
Meeting, the Board of Directors decided, on the
recommendation of the Nominations and Governance Committee, and in
accordance with the announcements made on 14 October 2020, to
dissociate the functions of Chairman of the Board of Directors and
Chief Executive Officer. Mr Jean-Paul Agon will continue to fulfil
the role of Chairman of the Board of Directors as he has done since
2011 and Mr Nicolas Hieronimus is appointed Chief Executive Officer
as of 1st May 2021.
The Board of Directors paid a heartfelt tribute
to Mr Jean-Paul Agon and expressed its profound gratitude for his
exceptional performance as Chief Executive Officer of L’Oréal since
2006. A visionary leader with outstanding human qualities, he has
profoundly transformed the Company and equipped it to face the
challenges of the 21st century, in keeping with L’Oréal’s guiding
principles. Under his influence, the Group has significantly
reinforced its position as a global beauty leader and accelerated
its value creation dynamic. In 15 years, L’Oréal has increased its
presence and its leadership in the world’s most dynamic markets,
particularly in Asia. Mr Agon has also positioned the Company at
the forefront of digital and e-commerce. In the belief that
financial and non-financial performance are inextricably linked, he
has mobilised all stakeholders in the Company around his ambition
to develop these two areas of excellence. The Board of Directors
expressed its gratitude for having made L’Oréal a financial high
performer and an exemplary company in environmental, social,
ethical and societal terms.The Board of Directors is happy to be
able to count on Mr Agon as Chairman to tackle the challenges
L’Oréal faces going forward. It is especially delighted that the
solid, close relationship of trust established with him will
continue in the future.
The Board welcomes the appointment of Mr Nicolas
Hieronimus who, on 1st May, will become L’Oréal’s sixth Chief
Executive Officer since its founding in 1909. It underlined the
experience, competence and remarkable leadership qualities of Mr
Hieronimus. The Board of Directors will be able to rely on his
expertise of the cosmetics market and his intimate knowledge of
L’Oréal acquired during a 34-year career with the Group, as well as
his vision of the future of beauty to implement the strategic
guidelines of the coming years. The Board is convinced that Mr
Hieronimus will be able to take advantage of all the opportunities
offered by a fast-changing world to adapt the Group and reinvent it
in keeping with its values, commitments and purpose (raison d’être)
: “Create the beauty that moves the world”. With the full support
of the Company’s 85,000 employees, he will lead the Group towards
new and far-reaching success. The Board expressed its overwhelming
trust in and support for Mr Hieronimus in his new role.
Moreover, the Board of Directors has decided, on
the basis of the resolution voted by the Annual General Meeting of
20 April 2021, to repurchase L’Oréal shares for a maximum amount of
euro 1.2 billion and a maximum number of 3 million shares, during
the period starting 3 May which may extend until 30 June 2021
(inclusive). All the shares bought back will be cancelled*.
The results of the votes and the webcast of the
Annual General Meeting are available on the www.loreal-finance.com
website.
* The L'Oréal Universal Registration Document
filed with the AMF (Autorité des Marchés Financiers) on 16 March
2021 includes, on pages 384 and 385, all the information that must
appear in the share buyback programme description pursuant to
Article 241-2 of the General Regulation of the AMF.
“This news release does not constitute an offer
to sell, or a solicitation of an offer to buy L’Oréal shares. If
you wish to obtain more comprehensive information about L’Oréal,
please refer to the public documents registered in France with the
Autorité des Marchés Financiers, also available in English on our
website www.loreal-finance.com.This news release may contain some
forward-looking statements. Although the Company considers that
these statements are based on reasonable hypotheses at the date of
publication of this release, they are by their nature subject to
risks and uncertainties which could cause actual results to differ
materially from those indicated or projected in these
statements.” This is a free translation into English of the
2021 Annual General Meeting news release issued in the French
language and is provided solely for the convenience of English
speaking readers.
Contacts at L’Oréal
(Switchboard: +33 1 47 56 70 00)
Individual
shareholders Financial
analysts
and market
authorities
and
institutional investors
Journalists
Mr Christian MUNICH
Ms Françoise LAUVIN
Ms Domitille FAFINTel: +33 1 47 56 72
06 Tel: +33 1 47 56 86 82
Tel: +33 1 47 56 76
71christian.munich2@loreal.com
francoise.lauvin@loreal.com
domitille.fafin@loreal.com
For more information, please contact your bank,
broker or financial institution (I.S.I.N. code: FR0000120321), and
consult your usual newspapers, the website for shareholders and
investors, www.loreal-finance.com or the L’Oréal Finance app;
alternatively, call: +33 1 40 14 80 50.
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