CEO William P. Lauder announces succession plan
NEW YORK--(BUSINESS WIRE)--Nov. 9, 2007--The Estee Lauder
Companies Inc. (NYSE: EL) today announced the appointment of Fabrizio
Freda as President and Chief Operating Officer, effective March 3,
2008. With this move, Chief Executive Officer William P. Lauder has
created a succession plan that anticipates Freda becoming Chief
Executive Officer within 24 months.
Freda was until recently President, Global Snacks, at the Procter
& Gamble Company. At P&G, Freda led a global business with employees,
factories and research and development centers around the world. In
his long and successful career at P&G, Freda spent a decade in
positions of increasing responsibility in the Health and Beauty Care
division. Freda also directed marketing and strategic planning for
Gucci SpA from 1986 to 1988.
"We welcome Fabrizio to The Estee Lauder Companies. He is one of
the world's most talented global executives and a true
internationalist with the experience and capability to drive our
dynamic global business. Additionally, he has a proven track record in
the consumer products arena and a passion for consumer-inspired
innovation. Fabrizio is a strategically focused, financially
disciplined, results-oriented leader with an incredibly warm personal
style," said William P. Lauder.
"The Estee Lauder Companies has extraordinary brands and terrific
opportunities around the world. I am delighted to partner with William
Lauder. Together, we will build upon the growth prospects and maintain
the sterling values for which this Company is so well respected," said
Reporting to Freda will be many of the Company's key global
brands, including Clinique, as well as the Specialty Brands such as
Bobbi Brown, La Mer, Jo Malone, Darphin and the Aramis and Designer
Fragrances division, which continue to be led by Group President
Patrick Bousquet-Chavanne; the Company's International business, which
accounts for more than 50% of sales, under the continuing direction of
Group President - International, Cedric Prouve; Global Operations;
Research and Development; and Packaging.
At the same time, the Company has announced Chief Operating
Officer Dan Brestle will be named Vice Chairman and President, ELC
North America. "In this newly created role, Dan will continue to
oversee the Estee Lauder, M--A--C, Prescriptives and Tom Ford Beauty
brands, which continue to be led by Group President John Demsey, and
the BeautyBank division on a worldwide basis. Given the toughening
conditions in the critical U.S. marketplace, I've also given Dan a
mandate to lead our North American business in a more cohesive way.
With this new responsibility, Dan will coordinate the Company's
efforts to better leverage our broad portfolio across multiple
distribution channels in the U.S. and Canada," said Lauder.
Also, Group President Philip Shearer will take on new
responsibilities. "We have asked Philip to lead our strategy and new
business team, focusing on mergers and acquisitions. This charge draws
on Philip's abilities to creatively assess new trends and talent and
on his keen analytical skills. Philip will also continue to lead our
fast-growing Aveda, Origins, Bumble and bumble and Ojon brands, as
well as the Company's online business," stated Lauder.
The Estee Lauder Companies Inc. is one of the world's leading
manufacturers and marketers of quality skin care, makeup, fragrance
and hair care products. The Company's products are sold in over 135
countries and territories under well-recognized brand names, including
Estee Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins,
M--A--C, Bobbi Brown, Tommy Hilfiger, La Mer, Donna Karan, Aveda, Jo
Malone, Bumble and bumble, Kiton, Darphin, Michael Kors, American
Beauty, Flirt!, Good Skin(TM), Grassroots, Sean John, Missoni, Daisy
Fuentes, Tom Ford Beauty, Mustang, Coach and Ojon.
An electronic version of this release can be found at the
Company's Website, www.elcompanies.com.
CONTACT: The Estee Lauder Companies Inc.
Dennis D'Andrea, 212-572-4384
Sally Susman, 212-572-4430
SOURCE: The Estee Lauder Companies Inc.