Listen to the article
Leonard Lauder, chairman emeritus of The Estée Lauder Companies, died on Saturday at the age of 92.
The son of company founders Estée and Joseph Lauder, he formally joined the family business in 1958. Leonard Lauder served in various leadership roles ever since, including as chief executive officer from 1982 through 1999, according to a company press release Sunday. He worked at the company for more than six decades.
“Throughout his life, my father worked tirelessly to build and transform the beauty industry, pioneering many of the innovations, trends, and best practices that are foundational to the industry today,” William Lauder, son of Leonard Lauder and chair of the board at The Estée Lauder Companies, said in a statement. “His impact was enormous. He believed that employees were the heart and soul of our company, and they adored him and moments spent with him. His warmth and thoughtfulness made an imprint on our company, the industry, and, of course, our family.”
The executive played a key role in the company’s acquisition strategy and international expansion over the years, which has led to a large portfolio of well-known beauty brands. In addition to its own namesake brand, The Estée Lauder Companies also controls Aveda, Bobbi Brown Cosmetics, Clinique, La Mer, M.A.C., The Ordinary, Le Labo and more.
The company acquired a controlling stake in Deciem (parent company of six brands including The Ordinary) for $1 billion in 2021, with the deal allowing Estée Lauder Companies to buy the remaining interest after three years. In November of 2022, the beauty company announced its $2.8 billion acquisition of Tom Ford.
Among his many other initiatives, Leonard Lauder also created the company’s first research and development laboratory. Outside of his professional work in the beauty industry, Leonard Lauder was an active philanthropist related to the arts, as well as the research of breast cancer and Alzheimer’s disease.
In addition to his son William Lauder’s continued involvement with the company, Leonard Lauder’s brother Ronald Lauder serves as chairman at Clinique Laboratories. Additionally, his son Gary Lauder and grandniece Jane Lauder are both on the board.
“To our employees at The Estée Lauder Companies, he was an inspiration and a champion,” Chief Executive Officer Stéphane de La Faverie said in a statement. “To the industry, he was an icon and pioneer, earning respect worldwide. His energy and vision helped shape our company and will continue to do so for generations to come.”
The executive’s death follows a challenging period of change at the company. The Estée Lauder Companies announced in February an expanded restructuring program that would include the cutting of 5,800 to 7,000 jobs (up to 11% of its global workforce) and a revamp to its executive team. The beauty company in November had announced changes to its leadership team in North America and had already announced plans to cut about 5% of its workforce the year before.
The company’s latest earnings in May showed that third quarter net sales dropped 10% year over year to nearly $3.6 billion and operating margin decreased to 8.6% from 13.5%. Sales across all of its categories, including skin care and makeup, and across geographic regions, were down for the quarter.