Leonard Lauder, the 90-year-old chairman of the iconic Estée Lauder Companies, will step down from the board of directors in November. Lauder will retain the title of chairman emeritus, a testament to his enduring influence and legacy within the organization.

In an internal memo obtained by WWD, Lauder highlighted his ongoing commitment to the company’s success. He encouraged employees to maintain their dedication to innovation and collaboration, setting a tone of optimism for the company’s future. Lauder’s presence, though evolving, will remain impactful as he continues his informal role of “chief teaching officer.”

The Lauder family’s influence remains strong within the organization. Lauder’s son, William P. Lauder, holds an executive position as the chairman of the board. In addition, Lauder has designated his son Gary M. Lauder to serve on the Board. The Board has nominated Gary Lauder and will include his name among the nominees for election at the Company’s annual meeting in November. Gary Lauder is the Managing Director of Lauder Partners LLC, a Silicon Valley-based venture capital firm. He has been a venture capitalist since 1985, investing in over 150 private companies.

“It has been an honor and privilege to serve on the Board of the company my mother and father created over 75 years ago,” said Lauder. “This Board is one of the best in the business. I feel confident that the company’s leadership and Board will continue to guide our strategy to deliver long-term growth. Additionally, I continue to believe in the success of our company through the skillful and thoughtful management by William, Fabrizio, and the entire leadership team. The nomination of Gary to the Board further reflects my family’s long-term stewardship, and our support of the vision, values, and people who will drive the company’s future success.”