PARIS — L’Oréal is strengthening its links with two other French industry leaders.
Shareholders of the French beauty giant on Tuesday approved two new directors: Axel Dumas, chief executive officer of Hermès International, and Patrice Caine, chairman and ceo of multinational Thales, which is active in defense, aeronautics, transport and security.
The decision was made at the group’s annual general meeting, held in Paris. It also renewed the tenure as directors of L’Oréal chairman and ceo Jean-Paul Agon and Belén Garijo, ceo of pharmaceutical company Merck’s Healthcare division.
A meeting of L’Oréal’s board, held at the close of the AGM, decided to set up a share buyback program totaling a maximum of 500 million euros during the second quarter of 2018. All the shares bought back will be canceled, the company said in a statement.