By Adam L. Cataldo

Estée Lauder said on Thursday that Leonard Lauder, the company's chairman emeritus, has decided against running for re-election to the board of directors.

Leonard Lauder would continue in his role as chairman emeritus, the company said.

Pursuant to the stockholders' agreement among the Lauder family and the company, Leonard Lauder has the right to designate two directors. Along with his son William Lauder, who serves as executive chairman, Leonard Lauder has designated his son Gary Lauder to serve on the board, the company said.

Gary Lauder would be included in among the nominees for election to the board at the company's annual meeting in November. He is the managing director of Lauder Partners LLC, a Silicon Valley-based venture capital firm, the company said.

Leonard Lauder formally joined the Estée Lauder Cos. in 1958. He served as president from 1972 to 1995, and as chief executive officer from 1982 to 1999. He became board chairman in 1995 and served in that role through June 2009, until he was named chairman emeritus.

Write to Adam Cataldo at adam.cataldo@wsj.com.

(END) Dow Jones Newswires

August 24, 2023 17:17 ET (21:17 GMT)

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