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February 14, 2012
New York, February 14 (FinanceEnquiry.com) - L’Oreal CEO said Tuesday that there would be no effect on a shareholder agreement between the Bettencourt family and Swiss food group Nestle over the company’s future, due to the replacement of Liliane Bettencourt by her grandson on the board of directors. He added that the replacement signifies the continuing commitment of the family to the cosmetics group. Nestle owns 31 percent of L’Oreal.
The CEO said that the three representatives of the family on the board would continue to vote in a block and that the transition would not change anything regarding the shareholding structure and functioning of the board of directors, ensuring the stability of the company.
Liliane Bettencourt, who was diagnosed with a form of dementia, lost control of her own business affairs last October. She has a 30 percent stake in L’Oreal. The company announced Monday that her 25-year old grandson Jean-Victor Meyers would replace her on the board. Bettencourt is France’s wealthiest woman with a fortune estimated at 17 billion euros. L’Oreal shares soared 3.1 percent after the cosmetics group company forecast surging profits and revenue, due to its acceleration of expansion in emerging markets.
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