Mr. Pierre CASTRES SAINT MARTIN, Group Executive Vice-President of L'OREAL and Vice-President in charge of Administration and Finance, has decided to retire on December 31 1999. He will be replaced on that date by Mr. Michel SOMNOLET as Vice-President in charge of Administration and Finance.
Mr. Michel SOMNOLET began his career with the Group in France in 1966, in the marketing department of the Consumer Division. In 1969, he joined COSMAIR Inc., the L'OREAL's agent in the United States, where he was put in charge of Administration and Finance. Appointed Director of COSMAIR in 1976, he became Executive Vice-President and Chief Operating Officer of the company in 1983.
"His great expertise in financial matters, his exhaustive knowledge of the group, and his long experience in America, will enable Mr. Michel SOMNOLET to enrich the international vision of the Group's Management Committee", said Mr. Lindsay OWEN-JONES, Chairman and CEO of L'OREAL.