Ronald S. Lauder has served on the board since 1968 and although stepping down from this position, he will remain chairman of Clinique Laboratories and an officer in the Estee Lauder Companies.
Daughter Jane has been with the company since 1996, working for a number of the company’s brands including Clinique, Stila, American Beauty and Flirt.
In July 2008, she was promoted to senior vice president and general manager of Origins – a position she will hold on to in conjunction with her duties on the board.
Taking up on family tradition
Jane will take up one of the four board positions reserved for the Estee Lauder families out of 13 in total.
She joins Aerin Lauder, senior vice president and creative director of the Estee Lauder brand, William P. Lauder, chairman of the board and executive chairman of the Estee Lauder Companies, and Leonard A. Lauder who serves as chairman emeritus of the board.
Commenting on the board changes, Ronald S. Lauder said: “I am proud that the next generation of our family will continue to lead this great company.”
“Jane’s innovative marketing sense, longstanding commitment to our company and proven talent has earned the respect of our directors. She has a deep understanding of our business and the family values on which our company has been built,” added William P. Lauder.
Recent financial performance has been mixed
The company’s most recent quarterly results for the period ending March 31 2009 showed a mixed picture.
Although sales were down 10 per cent on the previous year’s quarter, the company put a large proportion of this down to the impact of foreign currency translation.
The Asia-Pacific region performed particularly well in the quarter with sales rising 3.8 percent to reach $308.5m.
Overall, when published back in May, the results seemed to be better than analysts had expected and share price on the New York Stock Exchange rose by 13 percent.