Cosmetics company Estee Lauder said Monday it had forced out executive John Demsey, days after he acknowledged he posted a racist meme on a personal social media account.

The announcement came in a letter that was shared with its employees worldwide.

Demsey, 65, faced backlash for an Instagram post containing the N-word and a joke about Covid-19, which is no longer on his feed. He was initially suspended without pay. Demsey, who oversaw cosmetic brands such as Clinique, later apologized in another post. 

I am so terribly sorry and deeply ashamed that I hurt so many people when I made the horrible mistake of carelessly reporting a racist meme without reading it beforehand,” said Demsey.

A company representative said that he was told to leave the company and that he agreed to retire.

Estee Lauder’s decision comes as part of an initiative over the past two years to become more inclusive and equitable, according to the letter. “Together we are making progress against our commitments to our employees, our partners, and consumers.”

Shares of the company were down nearly 2% to $294.45 midday Monday amid a broader market sell-off.