« 2006 was an important milestone in the history of L’Oréal. As I had proposed, the functions of Chairman and Chief Executive Officer have been separated. A young management team is in place, personified by Jean-Paul Agon. Enjoying the full confidence of the teams, with experience in all the geographical zones and divisions, and a successful track record in the group, Jean-Paul Agon has immediately taken over the operational controls without any interruption or loss of impetus. The transition was smooth and harmonious, without L’Oréal missing a single heartbeat. I am particularly pleased that this stage in the life of the group has taken place exactly as I had announced to you, and just as we had planned. »
Sir Lindsay Owen-Jones,
Chairman of the Board of Directors,
2006 Annual Report extract
