L'Oreal announces Agon to be new chairman

French cosmetics giant L'Oreal announced on Thursday that Jean-Paul Agon was appointed to take reins of the group as chairman and chief executive officer, combining the two posts upon one single person once again.

Lindsay Owen-Jones, the former chairman, will remain as honorary chairman as well as a director of L'Oreal and Chairman of the L'Oreal Foundation, the French group said in a statement.

To Owen-Jones' will, he is due to "complete the transfer of responsibilities to his successor before his 65th birthday on March 17th 2011" after 42 years' serving for l'Oreal.

Agon joined the cosmetics giant in 1978 and has worked in its network in Greece, Germany, Asia and the United States. He took over from Owen-Jones as chief executive in 2006.

Source: Xinhua