US. The Estée Lauder Companies announced today that William P Lauder, chief operating officer, will become the next chief executive officer of the company, effective 1 July 2004. At that time, Fred H Langhammer will retire as ceo, end his service as a board director, and assume the newly created post of chairman global affairs.
In this role, Langhammer will cap 29 years of service with the contribution of his extraordinary knowledge of the international environment to assist the company.
“I am proud of our accomplishments and our enviable reputation built on 57 years of uninterrupted growth. Our company has enormous strength around the globe and I am delighted to pass the torch to William who I am confident will take the company to new heights,” said Langhammer.
“I am pleased, as well, by the prospect of taking on a mission that combines my business and personal passions. I remain deeply vested in the continued success of our company and I am happy to help maximise global opportunities.”
“I am honoured to lead The Estée Lauder Companies and have enormous respect for the people and the brands that make this company so great,” said William Lauder. “I want to thank Fred Langhammer for his leadership and example. With the support of our executives and employees around the world, I know we will continue to evolve and grow our business.”
Following a term as associate merchandising manager at Macy’s, Lauder joined the company in 1986 as regional marketing director for Clinique. He has held several roles of increasing responsibility including field sales manager for Prescriptives and president of Origins Natural Resources where he led the introduction and development of this brand.
In 1998, William Lauder became president of Clinique Laboratories and in 2001 his responsibilities were expanded to the role of group president where he led the worldwide business of Clinique, Origins, the rapidly growing Retail Division (encompassing the management of free-standing stores) as well online activities. In January 2003, he was named chief operating officer.
“I am delighted, and of course proud, to see William Lauder become chief executive officer”, said Leonard Lauder. “One of our greatest competitive assets is the ability to operate as a world-class public company and keep the spirit of family alive for all our employees. I know that William will hold true to the traditions created by Mrs Estée Lauder and enhanced by Fred Langhammer during his distinguished service.”
“With Fred Langhammer becoming chairman global affairs we maintain our tradition of continuity. Fred and I have had a superb working relationship for almost 30 years and I am grateful that he proposed this new position allowing us to continue our wonderful and close association,” concluded Leonard Lauder.
