Estée Lauder Companies Inc has revealed the departure of Richard D. Parsons from their board, as he steps down immediately due to health issues.
Richard D. Parsons has been instrumental in steering Estée Lauder’s governance strategies, focusing extensively on ESG practices and overseeing executive compensation models. His stepping down coincides with investor concerns, as the company’s stock has suffered a 36.52% decline in the last half-year, alongside several downward financial forecasts by analysts.
Parsons’ exit creates a gap in senior leadership, with the company yet to name a replacement.