French cosmetics giant, L’Oreal is set to name deputy Chief Executive Officer Nicolas Hieronimus as its new chief, replacing long-time CEO Jean-Paul Agon, French newspaper Le Figaro reported.
The appointment will be decided at a board meeting on Wednesday afternoon at the company’s headquarters in Clichy.
Hieronimus, has spent his entire career at the beauty company and has been widely expected to take over as chief after being trained as Agon’s successor and second-in-command.
He joined L’oreal in 1987 as a product manager and has worked his way up through various departments, including professional products and luxury units.
He will take over the operational reins of the group in April next year.
Agon, who is only L’oreal’s fifth CEO in its 113-year history, announced earlier this year that he would be stepping down as chief executive next year when he turns 65 and his mandate expires.
He is expected to stay on as chairman, the French newspaper reported.