L’Oréal Makes High-level Executive Changes
PARIS — L’Oréal Groupe made a flurry of high-level executive announcements on Thursday evening, including the creation of a new position — that of deputy chief executive officer in charge of divisions — L’Oréal China.
Fabrice Megarbane has been appointed chief global growth officer, succeeding Frédéric Rozé in the position. Rozé had said he intended to retire in early 2024, after 38 years with L’Oréal, the company said in a statement.
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“I would like to pay tribute to Frédéric’s remarkable international career over the past 38 years,” said Nicolas Hieronimus, L’Oréal chief executive officer, in the statement. “The bold architect of the group’s turnaround in North America, more recently as chief global growth officer he has step-changed our ability to adopt a multizone approach to accelerate our global growth, especially in indirect e-commerce.
“A man of strong values with an unwavering sense of commitment to the group, he truly embodies the L’Oréal spirit of ‘poet et peasant,’” said Hieronimus.
Rozé will remain in his current role until the end of January 2024.
As chief global officer, Megarbane is to be charged with accelerating growth, leading transformation projects and animating the group’s zones, L’Oréal said.
A trained engineer, Megarbane entered L’Oréal in 2000. He worked for some years in the company’s Professional Products Division, then was named general manager of L’Oréal Lebanon in 2008. The executive steered the Consumer Products Division for the Africa and Middle East zone from 2011 to 2015, after which he was appointed general manager of L’Oréal Germany in 2016.
Since 2019, Megarbane has been CEO of L’Oréal China. He’s had the title of president of the North Asia zone since 2021.
“Fabrice is an outstanding human leader in the truest sense of the word,” said Hieronimus. “Under his leadership, not only has our business in China doubled in sales to record market share while sustaining an ambitious sustainability agenda, we have also been able to increase our reputation as an employer and forge closer ties with key local stakeholders.
“In his new role, he will be able draw on the vast experience he has gained in North Asia to accelerate other regions, drive our e-commerce growth and lead the group’s transformation programs,” said Hieronimus.
In another key announcement, Vincent Boinay has been named president of the North Asia zone and CEO of L’Oréal China, stepping into Megarbane’s former position.
In 1992, Boinay began at L’Oréal as a marketing trainee in the Luxury Division. He swiftly moved up in the travel retail department, serving in a number of commercial roles in Europe before being appointed deputy general manager of Lancôme.
Boinay headed up luxury travel retail at L’Oréal for two years, then became general manager of L’Oréal Luxe in Japan. In 2014, the executive became general manager for travel retail worldwide and joined the group’s executive committee in July 2019.
“Vincent is a strategic leader with a genuine love for the culture and people of the North Asia region. He transformed our travel retail business, strengthening the group’s global leadership in the sector and making it a major contributor to L’Oréal’s growth and bottom line,” said Hieronimus.
“He is a generous leader and a great team developer, with an openness and curiosity that have enabled him to build strong and lasting relationships with employees, customers and partners alike,” said Hieronimus.
Boinay will be based in Shanghai and take up his new role in February.
Emmanuel Goulin is to succeed Boinay in the travel retail division and join L’Oréal’s executive committee.
Goulin is currently general manager of L’Oréal Italy. He started at L’Oréal in 2000, in its Luxe Division, with positions in the U.K. and Paris. Goulin moved to Hong Kong in 2008 as the head of travel retail there, then was named deputy general manager of Shu Uemura in Japan.
He returned to Europe in 2012 and became managing director travel retail — Asia-Pacific zone in 2016.
“Under his leadership, sales tripled in the space of just five years, with his time in Asia also marked by a strong development of local talent,” L’Oréal said.
Golin returned to Europe again in 2021 and was appointed general manager — L’Oréal Italy in 2022. L’Oréal said that over the last almost three years there the group has registered double-digit growth and marked improvement in employee engagement.
He will take on his new responsibility in early 2024.
“Emmanuel is a young leader with a track record of developing winning teams and delivering strong results,” said Hieronimus. “He is direct, approachable, efficient and forward-looking with a commitment to transformation and sustainability, both highly appreciated by both teams and customers.
“I am delighted to have such an agile, empathetic and results-driven leader join the group’s executive committee,” said Hieronimus.
L’Oréal said that in view of the Chinese market’s increased complexity, Laurence Ma, currently general manager of L’Oréal Luxe in China, will be appointed to the newly created role of deputy CEO in charge of divisions — L’Oréal China, beginning in February.
Ma started at L’Oréal China 26 years ago, as a sales manager. She became general manager of Lancôme in China in 2004.
“Over the past 26 years, Laurence has built Lancôme into the undisputed leader in the Chinese luxury market,” said L’Oréal.
Over the past two years, she has been head of L’Oréal Luxe in China and instrumental in gaining market share there. Ma is to continue managing L’Oréal Luxe China, while leading the group’s other three divisions.
“Over the years, Laurence has made an incredible contribution to our success in China. Her strong leadership is underpinned by her constant drive to succeed and a remarkable ability to continuously reinvent the business models of the brands in her charge,” said Hieronimus.
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