Leonard A. Lauder, the billionaire heir to the Estée Lauder Companies cosmetics fortune will be stepping down from the company’s board of directors in November of this year.
The 90-year-old’s son, William P. Lauder, is currently the executive chairman of the board, while his other son Gary M. Lauder, serves as the managing director of Laurder Partners LLC, a US-based venture capital firm.
Gary will take over his father’s role once he vacates in November. Leonard will remain chairman emeritus of the board.
“As chairman emeritus of the company, I’m looking forward to continuing my work as advisor and ‘chief teaching officer,’ serving what I believe to be the best company in the world,” Leonard Lauder said in an internal memo.
Leonard first started working at Estee Lauder in 1958, and has held multiple senior positions, including president and chief executive, chairman of the board and finally, chairman emeritus for the company.
The Lauder family has a 35 per cent stake of the company.
