Estee Lauder Cos. (NYSE:EL) is creating a new division to oversee a long list of diversity promises that the cosmetics giant has made.
The goal is to ensure the company meets those commitments, which include increasing black employment to population parity at all levels of the business.
Senior VP Nicole Monson, a labor attorney who worked at Goldman Sachs Group Inc. and industrial equipment maker Ingersoll Rand Inc., will oversee the effort.
Estee Lauder has more than 25 brands and employed a workforce of 48,000 at the end of FY 2020.
“When you look at the amount of money that is spent by people of color in the beauty space, it was kind of like ‘enough is enough,’” said VP Monson, who is leading Lauder’s Equity & Engagement Center of Excellence.
Internal discussions at Estee Lauder, which owns brands such as Clinique and La Mer, began shortly after nationwide protests against police brutality erupted last year.
William Lauder and CEO Fabrizio Freda outlined a list of steps management would take to diversify the workforce, including boosting black hiring and requiring diverse slates of candidates for executive positions.
We are Very Bullish EL across the board.
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