L'Oréal Set to Name New Chief Executive

PARIS, France — French cosmetics company L'Oreal is set to name deputy Chief Executive Officer Nicolas Hieronimus as its new chief, replacing long-time boss Jean-Paul Agon, French newspaper Le Figaro reported late on Tuesday.

The appointment will be decided at a board meeting on Wednesday afternoon at the company's headquarters in Clichy, France, Le Figaro said without citing sources.

Hieronimus, 56, who has spent his entire career at the maker of Garnier shampoo and Lancome creams, has been widely expected to take over as chief after being groomed as Agon's successor and second-in-command.

The Frenchman, who joined L'Oreal in 1987 as a product manager, has worked his way up through various divisions, including professional products and luxury units.

He will take over the operational reins of the group in April next year, the newspaper reported.

Agon, who is only L'Oreal's fifth CEO in its 113-year history, has been CEO since 2006 and announced earlier this year that he would be stepping down in 2021 when he turns 65 and his mandate expires.

He is expected to stay on as chairman, the French newspaper said.

L'Oreal said it does not respond to rumours.

By Siddharth Cavale; Editor: Devika Syamnath