L\'Oréal Announces Key Executive Changes

L’Oréal has announced several important moves within its Executive Committee due to take place in Q1 2024, in addition to the creation of the new role of Deputy CEO in Charge of Divisions – L’Oréal China.
These moves come months after Nicolas Hieronimus, CEO of L’Oréal, gave an interview for CNBC in which he emphasized how proud he is of L’Oréal’s achievements in China and praised the group’s “remarkable” performance in 2022.
Earlier this month, L’Oréal also announced plans to strengthen cooperation with its South Korean partners to expand its global footprint.

Fabrice Megarbane Appointed Chief Global Growth Officer

Fabrice Megarbane will be appointed Chief Global Growth Officer, succeeding Frédéric Rozé, who has announced his intention to retire at the beginning of next year, after 38 years with the Groupe.
An engineer by training, Megarbane joined the Groupe back in 2000. After several years working in the Groupe’s Professional Products Division, Megarbane was appointed General Manager of L’Oréal Lebanon in 2008. He then led the Consumer Products Division for the Africa and Middle East Zone between 2011 and 2015, before finally being appointed General Manager of L’Oréal Germany in 2016.
Megarbane has been Chief Executive Officer of L’Oréal China since 2019, and President of the North Asia Zone since 2021. During this time, Megarbane has taken L’Oréal’s business in China to new heights, achieving record market share in this highly competitive and complex market.
As Chief Global Growth Officer, Megarbane will oversee accelerating growth, leading transformation projects and animating the Group’s Zones.
Nicolas Hieronimus comments: “Fabrice is an outstanding human leader in the truest sense of the word. Under his leadership, not only has our business in China doubled in sales to record market share while sustaining an ambitious sustainability agenda, we have also been able to increase our reputation as an employer and forge closer ties with key local stakeholders. In his new role, he will be able draw on the vast experience he has gained in North Asia to accelerate other regions, drive our e-commerce growth and lead the Group’s transformation programs.”
To assure a successful transition, Megarbane will retain his current responsibilities until the end of January 2024.

Vincent Boinay Appointed President of North Asia Zone and CEO of L’Oréal China

Vincent Boinay will be appointed President of the North Asia Zone and Chief Executive Officer of L’Oréal China. He will succeed Fabrice Megarbane, following his appointment as Chief Global Growth Officer.
Boinay joined the Group in 1992 as a marketing trainee in the Luxury Division. He quickly rose through the ranks of the Travel Retail organization, holding a number of different commercial roles in Europe, before being appointed Deputy General Manager Lancôme. After two years as the Head of Luxury Travel Retail, Boinay was appointed General Manager of L’Oréal Luxe in Japan, where his relationship with the North Asia region began, before being appointed General Manager for Travel Retail Worldwide in 2014. He joined the Groupe’s Executive Committee in July 2019.
In his current role, Boinay has strengthened the Groupe’s global leadership in this important sector, making it a major contributor to L’Oréal’s growth. He has significantly transformed this unique entity, to build a geographical footprint that spans both continents and consumers.
Hieronimus explains: “Vincent is a strategic leader with a genuine love for the culture and people of the North Asia region. He transformed our Travel Retail business, strengthening the Group’s global leadership in the sector and making it a major contributor to L’Oréal’s growth and bottom line. He is a generous leader and a great team developer, with an openness and curiosity that have enabled him to build strong and lasting relationships with employees, customers and partners alike. I am convinced that he is the perfect choice to continue to build on our success in North Asia.”
Boinay will move to Shanghai soon and will fully assume his new responsibilities at the beginning of February 2024.

Lawrence Ma Appointed Deputy CEO in Charge of Divisions – L’Oréal China

Considering the increased complexity of the Chinese market, Laurence Ma, currently General Manager of L’Oréal Luxe China, will be appointed to the newly created role of Deputy Chief Executive Officer in Charge of Divisions – L’Oréal China.
Ma joined L’Oréal China 26 years ago as a sales manager, working closely with consumers on the shopfloor and has since gone on to have a successful career with the Group. She became General Manager of the Lancôme Brand in China in 2004. Over the past 26 years, Ma has built Lancôme into a leader in the Chinese luxury market. Since, 2021, Ma has been the head of L’Oréal Luxe in China and has succeeded in gaining market share, despite a difficult external context.
Ma will continue to manage L’Oréal Luxe China, and will lead the other three Divisions, allowing them all to benefit from her extensive experience, rich people-skills, unique drive and winning mindset.
“Over the years, Laurence has made an incredible contribution to our success in China. Her strong leadership is underpinned by her constant drive to succeed and a remarkable ability to continuously reinvent the business models of the brands in her charge,” says Hieronimus.
Ma’s appointment will become effective at the beginning of February 2024.

Emmanuel Goulin Appointed President of Travel Retail

Emmanuel Goulin will be appointed President of Travel Retail and will join the Group’s Executive Committee. He will succeed Vincent Boinay following his appointment as outlined above.
Currently General Manager of L’Oréal Italy, Goulin joined the Groupe in 2000 at the heart of the Groupe’s Luxe Division, holding several roles in the UK and Paris. In 2008 he moved to Hong Kong as head of the Travel Retail business, before being appointed Deputy General Manager of shu uemura in Japan. He returned to Europe in 2012, and in 2016 was subsequently appointed Managing Director Travel Retail – Asia Pacific Zone. Under his leadership, sales tripled in the space of just five years, with his time in Asia also marked by a strong development of local talent.
In 2021, he finally returned to Europe, and was promoted to the role of General Manger – L’Oréal Italy in 2022. Under his leadership, the Groupe has seen double-digit growth for almost 3 years, coupled with a significant improvement in employee engagement.
Commenting on this appointment, Hieronimus says: “Emmanuel is a young leader with a track record of developing winning teams and delivering strong results. He is direct, approachable, efficient and forward-looking with a commitment to transformation and sustainability, both highly appreciated by both teams and customers. I am delighted to have such an agile, empathetic and results-driven leader join the Group’s Executive Committee.”
Goulin’s appointment will become effective at the beginning of 2024.

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