(Yicai Global) May 6 -- Fabrice Megarbane, the general manager at L'Oreal's German unit, will take over as Shanghai-based L'Oreal (China)'s chief executive officer from Stephane Rinderknech as of July 1.
The outgoing Rinderknech will be promoted to another key position within the group, it told Yicai Global.
Megarbane graduated with a chemical engineering master's degree from the Ecole Nationale Superieure des Industries Chimiques and took advanced management courses at the European Centre for Executive Development in France. He has served as the general manager of L'Oreal's regional offices several times during his 19 years with the company, public information shows.
Megarbane's technical background and his product development experience prompted his appointment as head of China business, judging from his curriculum vitae, Gao Jianfeng, managing director of Shanghai-based management advisory firm Bogo Consulting, explained to Yicai Global.
L'Oreal was facing challenges in the country when Rinderknech took the China helm in early 2016, recording a mere 4.6 percent growth in 2015. The 2016 earnings report of the Clichy, Hauts-de-Seine, France-based parent did not even list specific China data, just that the Asia-Pacific region logged single-digits.
This situation greatly improved in 2017 after Rinderknech succeeded to the throne, with the firm afterwards registering double-digit development.
The company registered 33 percent annual growth last year, with six brands having sales of over CNY1 billion (USD148 million) each.
Editor: Ben Armour