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 mentioned Monday that it had compelled out executive 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 submit containing the N-word and a joke about Covid-19, which is not on his feed. He was initially suspended with out pay. Demsey, who oversaw beauty manufacturers equivalent to Clinique, later apologized in one other submit.
“I’m so terribly sorry and deeply ashamed that I damage so many individuals after I made the horrible mistake of carelessly reporting a racist meme with out studying it beforehand,” mentioned Demsey.
An organization consultant mentioned he was informed to depart the corporate and that he agreed to retire.
Estee Lauder’s choice comes as a part of an initiative to turn into extra inclusive and equitable over the previous two years, in accordance with the letter. “Together we’re making progress in opposition to our commitments to our workers, our companions, and customers.”
Shares of the corporate had been down about 1.8% at $294.94 late Monday morning amid a broader market selloff.
The Wall Street Journal first reported Demsey’s exit.
Clarification: This story was up to date to mirror that Demsey agreed to retire.