In big breaking news, The Estée Lauder Companies today announced that President & CEO Fabrizio Freda has informed the Board of Directors of his intention to retire at the end of fiscal year 2025.
The Board said it is well advanced in its long-established CEO succession planning process, through which it has considered many highly qualified internal and external candidates.
Until his successor is appointed, Freda will continue to lead and oversee the group’s strategic, financial and investment priorities, including the Profit Recovery and Growth Plan and its efforts to reignite profitability and growth.
Once a successor has been named, Freda will partner with him or her to ensure a smooth transition. He will also be available in fiscal year 2026 as an advisor.
“On behalf of the entire Board of Directors and the Lauder family, we wish to extend our sincere gratitude to Fabrizio for over 16 years of devoted service to the Company,” said Executive Chairman William P. Lauder.
“We look forward to celebrating Fabrizio’s many amazing accomplishments as his formal retirement date nears. Until then, the Board, Fabrizio and the entire leadership team are laser-focused on navigating the current challenges faced by the Company.”
Lauder added: “On a personal note, Fabrizio has been an incredible partner to me as well as other members of the Lauder family. He understands the uniqueness of this family business and has used our long-term focus and principle of patient capital as a point of strength as he has transformed the business to meet evolving consumer aspirations.”
Freda said: “Leading The Estée Lauder Companies for 16 years, is and has been, a true honour and privilege. I am so proud of our company’s incredible accomplishments, and to have built the most talented, dedicated and passionate team in the industry.
“Together we have transformed the company in beautiful ways; and we have set new standards for excellence. I will continue to be fully focused on the execution of our strategic reset and the Profit Recovery and Growth Plan, as we continue to address the current challenges.
“As we manage for the long term, now is the right time to look ahead to the next generation of leadership for this great company. I look forward to continuing to work closely with our Board of Directors in the selection of my successor and ensuring a seamless transition.”
The company will announce its fiscal 2024 earnings results for its fourth quarter and full year ended 30 June later today. ✈
