WASHINGTON (dpa-AFX) - On Friday, Estée Lauder Companies (EL) announced the retirement of Ronald S. Lauder from its Board of Directors, effective immediately. Following his retirement, the Board has elected Eric Zinterhofer as a director.
Under the stockholders' agreement with the Lauder family, Lauder has the right to appoint two board members. While his daughter, Jane Lauder, will continue in her current role on the Board, Lauder has designated his son-in-law, Zinterhofer, as his second representative.
Lauder joined Estée Lauder in 1964 and has held various roles during his tenure. While stepping down from the Board, Lauder will continue as Chairman of Clinique Laboratories.
EL closed Friday's trading at $73.44 down 0.30 percent or $0.22 on the New York Stock Exchange.
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