L’Oréal USA announces appointment of new president and CEO
today Sep 5, 2019
French cosmetics giant L’Oréal announced on Wednesday that it has named company veteran Stéphane Rinderknech as the new president and CEO of L’Oréal USA, and vice president of North America.
In his new role, Rinderknech will be responsible for leading L’Oréal’s business in the US and will continue to serve as a member of the company’s executive committee, which he joined in February 2018.
The executive will report to Frédéric Rozé, whom he succeeds as CEO of L’Oréal USA, and who is staying at the company in his role as executive vice president of the Americas.
Rinderknech first joined L’Oréal’s travel retail business in Miami in 2001, taking on the role of Lancôme area manager for South America. He was transferred to Japan in 2004, where he would become deputy general manager of Lancôme in 2005.
After a period as general manager of L’Oréal Luxe in South Korea between 2008 and 2011, the graduate of Paris’ Institut Supérieur de Gestion was appointed as general manager of the same division in China.
Rinderknech went on to serve as head of the company’s consumer products division in the country, before being promoted to CEO of L’Oréal China in 2016.
The executive will therefore be transferring from one of the cosmetic maker’s highest growth markets – L’Oréal’s Asia Pacific region saw a 30.4% increase in sales in the first half of 2019 – to a market whose slipping comps were highlighted as the weakness behind the company’s lower-than-expected overall revenue growth in the second quarter.
According to L'Oréal, its slowing sales in North America are related to reduced demand for make-up, which is holding back strong growth in skincare, fragrances and active cosmetics in the region.
Rinderknech's appointment is the latest in an international executive reshuffle at L’Oréal, which saw Xavier Vey become general manager of L'Oréal Luxe in western Europe in July. In turn, Vey was succeeded in his previous role as head of luxury in the USA by former Kiehl’s president Megan Grant.
Rinderknech will step into his new position on October 1, 2019.