Francoise Bettencourt Meyers, the heir to the L’Oréal fortune, will step down from the company’s board later this year. The transition marks a shift in leadership within the Bettencourt Meyers family, which owns a 35% stake in the cosmetics company.

The company announced the changes on Thursday while reporting its fourth-quarter earnings. Bettencourt Meyers will be replaced on the board by Alexandre Benais, deputy CEO of Téthys Invest, the family’s holding company and L’Oréal’s largest shareholder. The changes will take effect following a shareholder vote at the company’s annual general meeting in April.

Bettencourt Meyers, 71, has been on L’Oréal’s board since 1997 and has served as vice-chairwoman since 2020. She will pass her role as vice-chairman to her son, Jean-Victor Meyers, 38, who is already a director. His younger brother, Nicolas Meyers, also sits on the board.

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