L’Oréal’s Board of Directors met on 14 October 2020 under the chairmanship of Jean-Paul Agon. Following the recommendations of the Appointments and Governance Committee, the Board decided on new governance and a succession plan at the head of the Group. The Board announced its intention to renew Jean-Paul Agon’s mandate as Chairman, a position he has held since 2011, and to appoint Nicolas Hieronimus as Chief Executive Officer. Nicolas Hieronimus joined L’Oréal 33 years ago and has spent all his career with the Group, in many countries and divisions. He has been Deputy CEO in charge of Divisions since 2017. The Board of Directors is delighted to be able to count on Jean-Paul Agon as Chairman and is keen to pay tribute to him when the time comes. The Board would like to thank him warmly for his 15 years as the Group’s CEO. Jean-Paul Agon imagined the future of beauty and fundamentally transformed the company to adapt it to the challenges of its time, while remaining faithful to L’Oréal’s core fundamentals. Furthermore, in his exchanges with the Appointments and Governance Committee, Jean-Paul Agon, with the agreement of the Board of Directors and the full support of Nicolas Hieronimus, wished to maintain the role of Deputy CEO, a position held by Nicolas Hieronimus at his side since 2017. Barbara Lavernos, who will lead Research, Innovation, Technology from February 2021, will be appointed Deputy CEO on May 1st, 2021.