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|The Estee Lauder Companies Appoints Fabrizio Freda President and Chief Operating Officer|
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 Freda.
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. Investor Relations: Dennis D'Andrea, 212-572-4384 or Media Relations: Sally Susman, 212-572-4430 SOURCE: The Estee Lauder Companies Inc.