France’s L’Oreal said on Thursday that Françoise Bettencourt Meyers, granddaughter of the company’s founder and one of the world’s richest women, planned to step down from the board, with her son Jean-Victor to take over her role as vice-chair.
Reuters
Jean-Victor Meyers, 38, and younger brother Nicolas Meyers are already directors on the board.
Bettencourt Meyers has also proposed the family-owned holding company Tethys, L’Oreal’s largest shareholder, join the board, alongside her sons.
The proposal will be voted on at the annual general meeting on April 29, the company said in a statement.
