John Demsey, president of Estee Lauder Cos., speaks on the World Retail Congress in Barcelona, Spain, on Friday, May 8, 2009.
Mike Laburu | Bloomberg | Getty Images
Cosmetics firm Estee Lauder stated Monday it had pressured out govt John Demsey, days after he acknowledged he posted a racist meme on a private social media account.
The announcement got here in a letter that was shared with its workers worldwide.
Demsey, 65, confronted backlash for an Instagram publish containing the N-word and a joke about Covid-19, which is now not on his feed. He was initially suspended with out pay. Demsey, who oversaw beauty manufacturers corresponding to Clinique, later apologized in one other publish.
“I’m so terribly sorry and deeply ashamed that I harm so many individuals once I made the horrible mistake of carelessly reporting a racist meme with out studying it beforehand,” stated Demsey.
An organization consultant stated that he was informed to go away the corporate and that he agreed to retire.
Estee Lauder’s determination comes as a part of an initiative to grow to be extra inclusive and equitable over the previous two years, in line with the letter. “Together we’re making progress towards our commitments to our workers, our companions, and customers.”
Shares of the corporate have been down almost 2% to $294.45 noon Monday amid a broader market sell-off.
The Wall Street Journal first reported Demsey’s exit.
Clarification: This story was up to date to make clear that Demsey agreed to retire.