Françoise Bettencourt Meyers, the principal shareholder of L'Oréal and one of the world’s wealthiest individuals, has announced her retirement from the board of directors after 28 years of service. At the age of 71, Bettencourt Meyers is set to hand over her position as vice-chairwoman to her son, Jean-Victor Meyers, as part of a generational transition within the family-run enterprise.
The changes were revealed on February 6, 2025, following L'Oréal's quarterly earnings announcement, which indicated lower-than-expected sales and significant declines, particularly due to decreased demand for cosmetics from China over the past year. This strategic shift follows L'Oréal's 20 percent stock decline, reflecting the broader economic challenges faced by the company.
Françoise Bettencourt Meyers, who became the first-ever woman centibillionaire with wealth surpassing $100 billion in 2023, has played a pivotal role not just as the face of the family business but also as its guiding force. She inherited her 35 percent stake of L'Oréal from her mother, the late Liliane Bettencourt, whose long tenure and associated wealth painted the Bettencourt name as synonymous with the cosmetics giant founded by her grandfather, Eugène Schueller.
According to Bloomberg, her current fortune is estimated at $75 billion and she remains the richest woman in Europe. Despite the announcement of her stepping down as vice-chairwoman, she will still oversee the family holding company Téthys Invest, ensuring the family maintains significant influence within L'Oréal’s governance structure.
Jean-Victor, aged 38, is not new to the company. He has served on L'Oréal's board since 2012 and will now officially rise to the vice-chairmanship, marking the beginning of the next chapter for the Bettencourt family within the legacy of L'Oréal. His brother, Nicolas Meyers, has also been involved with the firm since 2020, reinforcing the family’s strategic hold over the company.
Reported by Le Monde, observers on the matter have indicated, "The transition is made with continuity, without breaking with the family tradition.” This sentiment addresses concerns about maintaining stability as leadership shifts from one generation to the next. With Alexandre Benais, deputy CEO of Téthys Invest, expected to take over Françoise Bettencourt Meyers' board seat following the upcoming shareholders’ meeting, the family will retain three directorships on L'Oréal’s 15-member board. This strategic continuity suggests efforts to modernize governance without severing ties to the past.
Since joining the board, Bettencourt Meyers has contributed significantly to the company's strategy and development, participating actively on various committees related to governance and human resources. Her philanthropic efforts are also noteworthy; she leads the family foundation which supports advancements in sciences and arts, aligning with the family’s legacy of responsibility toward societal contributions.
Bettencourt Meyers’ departure marks not just the end of her formal role but symbolizes the wider shifts occurring within the company as it navigates economic landscapes both domestically and internationally. Despite stepping down from daily governance, her strategic input as the head of Téthys will be impactful, retaining her relevance within the L'Oréal narrative.
Reflecting on her time and influence, Bettencourt Meyers has stated, "I propose this position should henceforth be held by..." as part of her commitment to recognizing the need for renewal within the leadership structure. This momentous transition displays the importance of familial legacy and the inevitable evolution of leadership roles within major corporations, especially those so deeply interwoven with family history.
Looking forward, the question linger: How will L'Oréal fare as it embarks on this new chapter with younger leadership at the helm during challenging market conditions? The answer to this will become evident as the company prepares for its annual general meeting later this spring, where shareholders will vote on these pivotal changes. All eyes will undoubtedly be on the Bettencourt family, whose legacy at L'Oréal remains deeply entrenched and influential.