Leonard Lauder is chairman of The Estée Lauder Cos., the family-run cosmetics empire founded by his mother, Estée Lauder.

Early in his career, when department stores called the shots on upscale beauty, Lauder brokered deals that won Estée Lauder prominent counter displays. He also spearheaded international expansion and built a massive portfolio of brands in skin care, makeup, hair care and fragrance.

In 1954, Lauder graduated from the University of Pennsylvania’s Wharton School, where he and brother Ronald later established the Joseph H. Lauder Institute of Management and International Studies, named for their father. Lauder also studied at the Columbia University Graduate School of Business.

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When he joined the family business in 1958, Lauder saw an over reliance on the very successful Youth Dew product. That prompted the creation of the Clinique line; later, he led a series of additional product launches and acquisitions such as Aramis, Prescriptives, Bobbi Brown and Aveda.

Lauder served as president of Estée Lauder from 1972 to 1995 and as CEO from 1982 to 1999. He became chairman in 1995 and took the company public. Throughout his career, Lauder has been active in politics, philanthropy and, most recently, Alzheimer’s research. He is credited with the “lipstick theory,” which suggests the economy can be read by the rise and fall of lipstick sales. When lipstick sales soar, it may signal economic uncertainty, as shoppers cut spending and satisfy indulgence with lipstick purchases, as he observed after the 2001 terrorist attacks.