OWEN-JONES TO STEP OFF BOARD: Sir Lindsay Owen-Jones said Monday that he will resign from the board of directors of L’Oréal effective April 26, following the company’s next annual meeting. Owen-Jones, who is currently honorary chairman of L’Oréal, was chief executive officer of the multinational beauty conglomerate from 1988 to 2006.

In a letter to Jean-Paul Agon, chairman and ceo of L’Oréal, Owen-Jones praised his successor for strengthening the reputation of the firm and taking its share prices to historic levels, adding, “I believe that a former chairman must not indefinitely extend his presence at the board of directors.…I share the profound confidence that the board has in you….It seems to me therefore that the moment has come to complete the transition process initiated in 2006 and carried out step by step, consistently since then.”

This story first appeared in the March 19, 2013 issue of WWD. Subscribe Today.

At the annual meeting, Virginie Morgon, who is chief investment officer of Eurazeo and an executive board member, will take over as board director. As well, three directors will have their tenure renewed: Françoise Bettencourt Meyers, Peter Brabeck-Letmathe and Louis Schweitzer.