Liliane Bettencourt quits L’Oréal board

Published: 14-Feb-2012
Finance

Heiress to be replaced by grandson


Liliane Bettencourt, the billionaire heiress to the L’Oréal fortune, has stepped down from the company’s board of directors. The octogenarian, who owns 30% of the French cosmetics group, will be replaced by her 25 year old grandson, Jean-Victor Meyers.

L’Oréal provided no reason for Bettencourt’s decision to leave the board, but thanked her for her “dedication and personal support”.

Meyers studied economics and management in France and the US and has spent several months with L’Oréal’s divisions in France and abroad.
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