L’Oréal SA has named Jean-Paul Agon, head of the company’s U.S. operations, to become CEO next year. Agon succeeds Lindsay Owen-Jones, who has been CEO and chairman for 17 years. He will remain on as chairman.
Agon, 48, joined L’Oréal in 1978. After working in a number of positions, he was named director for the development of the Asia Zone in 1997 and president of L’Oréal USA in October 2001.
Meanwhile, the cosmetics company reported a net profit of $4.73 billion for fiscal 2004. Revenues increased 3.6% to $18.9 billion. The company said its profit, more than double that of one year ago, was helped by the sale of its stake in drugmaker Sanofi-Synthelabo SA.
The company said it had lowered advertising and promotion expenses, in part by lower its activity in perfume launches, which account for “very large” advertising expenses.
North American sales were up 8.1%.
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