The Estée Lauder Companies announced on Friday that Ronald S. Lauder will retire from the U.S. beauty company’s board of directors, effective immediately.

Lauder joined the cosmetics giant in 1964 and has served in various capacities since. He was a member of the board of directors from 1968 to 1986, from 1988 to July 2009 and from 2016 through his most recent retirement.

In line with the stockholders’ agreement among Lauder family members and the New York-based company, Lauder has the right to designate two directors of the company. His daughter Jane Lauder will continue to serve on the board in her current position, and while Lauder’s son-in-law, Eric Zinterhofer, married to his daughter Aerin Lauder, has been named his second designee. Despite his stepping down from the board, Lauder will remain chairman of Clinique Laboratories.

With years of financial, investing and global business experience, Zinterhofer is currently a founding partner of Searchlight Capital Partners, where he serves on the firm’s investment committee, operating committee and valuation committee, and is jointly responsible for overseeing its activities with the two other founding partners.

Zinterhofer also serves on the boards of several portfolio companies of Searchlight including Care Advantage, Hemisphere, Liberty Latin America, and TelevisaUnivision, and serves as chairman of the board of Charter Communications. Prior to co-founding Searchlight, he was a senior partner at Apollo Management in New York.

“As a member of the Lauder family and director on the board, Ronald has been a steadfast advocate for The Estée Lauder Companies, our people, and our brands. His dedication and strategic vision have been integral to ensuring our company is built upon a strong foundation. On behalf of the organization, I want to express my heartfelt gratitude for his remarkable service and leadership,” said William Lauder, chair of the board.

“I would also like to welcome Eric to the board. As a member of the family, Eric will continue to champion the values at the heart of our company while bringing a fresh perspective at this pivotal moment. We are confident Eric’s significant governance experience, strategic insight, and industry knowledge will be an asset to the company and advance our plans for long-term growth.”

In its most recent trading update in October, ​Estée Lauder pulled its annual sales and profit forecasts and cut its dividend as it faces an uncertain outlook in China.