PARIS — Liliane Bettencourt has passed the L’Oréal torch to the next generation.
In reporting an 8.9 percent increase in net profits for 2011, the world’s largest beauty company said Monday that the 89-year-old Bettencourt would step down from the board and her seat would be taken by her 25-year-old grandson, Jean-Victor Meyers. The move will be submitted for approval at the next annual general meeting of shareholders. The Bettencourt family is the largest single shareholder in L’Oréal, with a 31 percent stake.
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