John Demsey, president of Estee Lauder Cos., speaks on the International Retail Congress in Barcelona, Spain, on Friday, Might 8, 2009.
Mike Laburu | Bloomberg | Getty Photographs
Cosmetics corporate Estee Lauder mentioned Monday that it had compelled out government John Demsey, days after he said he posted a racist meme on a non-public social media account.
The announcement got here in a letter that used to be shared with its staff international.
Demsey, 65, confronted backlash for an Instagram submit containing the N-word and a shaggy dog story about Covid-19, which is not on his feed. He used to be to begin with suspended with out pay. Demsey, who oversaw beauty manufacturers corresponding to Clinique, later apologized in some other submit.
“I’m so extraordinarily sorry and deeply ashamed that I harm such a lot of other folks after I made the terrible mistake of carelessly reporting a racist meme with out studying it previously,” mentioned Demsey.
An organization consultant mentioned he used to be advised to depart the corporate and that he agreed to retire.
Estee Lauder’s determination comes as a part of an initiative to change into extra inclusive and equitable during the last two years, consistent with the letter. “In combination we’re making development in opposition to our commitments to our staff, our companions, and shoppers.”
Stocks of the corporate had been down about 1.8% at $294.94 past due Monday morning amid a broader marketplace selloff.
The Wall Side road Magazine first reported Demsey’s go out.
Explanation: This tale used to be up to date to mirror that Demsey agreed to retire.