de La Faverie to Assume Role on January 1,
2025
William P. Lauder to Step Down as Executive
Chairman, Will Remain Board Chair
The Estée Lauder Companies Inc. (NYSE: EL), a global leader in
prestige beauty, today announced the Board of Directors’
appointment of Stéphane de La Faverie as its new President and
Chief Executive Officer and member of its Board of Directors,
effective January 1, 2025. Mr. de La Faverie will succeed Fabrizio
Freda, who announced his intention to retire earlier this year
after more than sixteen years with the Company. Mr. Freda will
support Mr. de La Faverie over the next several months to ensure a
seamless transition. As President and CEO, Mr. de La Faverie will
report directly to the Company’s Board of Directors. Additionally,
William P. Lauder will be stepping down from his current role as
Executive Chairman of the Company and will remain Chair of the
Board of Directors, following the Company’s upcoming Annual Meeting
of Stockholders.
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Stéphane de La Faverie appointed
President and Chief Executive Officer, The Estée Lauder Companies
(Photo: Business Wire)
Regarding Mr. de La Faverie’s appointment, William P.
Lauder said, “Stéphane’s deep-rooted industry and operational
expertise, and his collaborative and dynamic approach, make him the
ideal CEO to move us forward with speed, and urgency. Having worked
closely with him for many years, I can attest to Stéphane’s ability
to nurture and build powerful prestige brands, while his thorough
understanding of and respect for our Company’s heritage and culture
positions him well for success in this role. His strategic vision
will position the Company to drive long-term growth in the face of
its current challenges, as he deploys transformational new
approaches for the future. This appointment marks an exciting new
chapter in our Company’s story, and I look forward to supporting
Stéphane as he leads the many talented employees of The Estée
Lauder Companies and accelerates us along our path to a promising
future.”
Mr. Lauder continued, “As I reflect on sixteen years of working
alongside Fabrizio and so many talented leaders and employees, I am
immensely proud of what we have accomplished. My decision to focus
solely on my role as Chair of the Board represents an important
evolution for the Lauder family. Our family’s long-standing
day-to-day management of the Company is evolving and reflects my
desire to focus more on the overall strategic direction of the
Company. As a family, we remain committed to this incredible
Company and continue to view our investment through the lens of
long-term patient capital. I am confident that Stéphane will be an
effective, impactful CEO, able to take the decisive actions needed
in the face of our current challenges, and that he and the next
generation of the Company’s leadership will steer us towards even
greater success.”
“Stéphane is the ideal transformational leader needed to drive
this extraordinary Company through its current challenges and into
its next chapter of growth,” said Charlene Barshefsky, Presiding
Director of the Board of Directors. “Following a comprehensive
CEO succession planning process, and a thorough review of external
and internal candidates, Stéphane was the clear choice of the Board
for his mix of strategic vision, global industry knowledge and
experience, profound ambition for the Company and its remarkable
brands, and unique ability to address the challenges facing the
Company to revitalize growth. His deep knowledge of our Company
will enable Stéphane to quickly assess opportunities and implement
strategic plans. His inclusive leadership style will enable him to
inspire and mobilize the Company with speed and agility and set us
on a path to long-term, sustainable growth and drive shareholder
value.”
With more than 25 years of prestige beauty experience, Mr. de La
Faverie joined the Company in 2011 and currently serves as
Executive Group President, overseeing many of the Company's brands
across its powerful portfolio, from billion-dollar-plus brands such
as Estée Lauder to scaling and developing brands including Jo
Malone London, The Ordinary, and Le Labo. A creative, energized,
and focused leader, Mr. de La Faverie has demonstrated
uncompromising focus on brand excellence and innovation across
categories, geographies, and channels, as well as an ability to
drive profitability with discipline, speed and efficiency. He has
played a particularly instrumental role in enhancing the Company’s
fragrance portfolio during a pivotal moment for the category,
adeptly navigating industry shifts and evolving consumer behaviors.
Additionally, Stéphane has played a key role in leading the
implementation of the Company’s Profit Recovery and Growth Plan to
help restore stronger and more sustainable profitability.
Prior to his current role, he led the Estée Lauder brand, one of
the world’s largest prestige beauty brands. During that time, he
successfully harnessed growth opportunities, including hero
products, digital-first and data-led marketing, new technologies,
and high-growth channels, enabling the brand to engage a diverse
consumer base, from ageless to Gen Z, and led it to become a top
brand among Chinese consumers.
A highly impactful member of the Company’s Executive Leadership
Team since 2014, Mr. de La Faverie is widely respected within the
Company and throughout the industry for his ability to assess
business solutions from multiple perspectives, guided by his
comprehensive understanding of global markets, emerging channels,
and consumer dynamics. His extensive commercial expertise, ability
to navigate complex global supply chains, experience managing
through disruption, and his ambition and commitment to
strengthening the Company and its brands, are pivotal leadership
qualities as the Company undergoes a strategic reset. Furthermore,
Mr. de La Faverie has developed meaningful connections with
stakeholders across the industry, including global retailers and
suppliers, and members of the investor community.
On his appointment, Mr. de La Faverie said, “I am deeply
humbled and excited to lead The Estée Lauder Companies, a company
founded by a visionary entrepreneur whose legacy continues to
inspire us today. As we work together to return to our pre-eminent
position as the leader in global prestige beauty, we will draw on
our family heritage, extraordinary brands, exceptional talent,
consumer-centric approach and creativity – core elements that
reflect our very DNA. We are extremely focused on revitalizing our
growth via groundbreaking innovation, unforgettable experiences,
and cutting-edge marketing to inspire our consumers worldwide. I am
grateful to Fabrizio for his strategic guidance, and I look forward
to working with him on a seamless transition. It is an honor to
advance this legacy of excellence, and I am excited to lead our
incredible teams as we work together to shape the beauty landscape
of tomorrow while representing the interests of all
shareholders.”
Fabrizio Freda said, “Having worked alongside Stéphane
for many years, I am thrilled to welcome him as the next President
and CEO of The Estée Lauder Companies and look forward to
supporting a seamless transition. His visionary leadership is
defined by his unwavering commitment to excellence and
forward-thinking approach to enhancing our brands and shaping the
consumer experience. In an industry as dynamic as prestige beauty,
Stéphane’s deep knowledge, exceptional strength as a leader, and
unique ability to combine inspiration, authenticity, and strategic
insights to drive profitable growth will enable him to guide the
future success of the Company’s portfolio.”
Stéphane de La Faverie
Biography Prior to joining The Estée Lauder Companies,
Stéphane served as General Manager, Giorgio Armani Beauty USA, a
division of L'Oréal Paris. He began his career with the Lancôme
Global brand in Paris then joined the Travel Retail division as
Area Manager for the Luxury Products Group, North America,
overseeing the Lancôme, Giorgio Armani, Ralph Lauren and Biotherm
beauty brands. Soon after, he was appointed General Manager,
Lancôme, Australia, and in 2006 joined Lancôme USA as Vice
President of Marketing, overseeing both the skin care and fragrance
categories.
Stéphane was educated at ESC Bordeaux Business School, and
speaks fluent French, English and Spanish.
Cautionary Note Regarding
Forward-Looking Statements Statements in this press
release may constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements include those in the various quotations. Although
the Company believes that its expectations are based on reasonable
assumptions within the bounds of its knowledge of its business and
operations, actual results may differ materially from the Company’s
expectations. Factors that could cause actual results to differ
from expectations include the ability to successfully implement its
strategy, including the Company’s profit recovery and growth plan;
successfully transition its leadership; and those other factors
described in the Company’s filings with the Securities and Exchange
Commission, including its most recent Annual Report on Form 10-K.
The Company assumes no responsibility to update forward-looking
statements made herein or otherwise.
About The Estée Lauder
Companies The Estée Lauder Companies Inc. is one of the
world’s leading manufacturers, marketers, and sellers of quality
skin care, makeup, fragrance, and hair care products, and is a
steward of luxury and prestige brands globally. The Company’s
products are sold in approximately 150 countries and territories
under brand names including: Estée Lauder, Aramis, Clinique, Lab
Series, Origins, M·A·C, La Mer, Bobbi Brown Cosmetics, Aveda, Jo
Malone London, Bumble and bumble, Darphin Paris, TOM FORD,
Smashbox, AERIN Beauty, Le Labo, Editions de Parfums Frédéric
Malle, GLAMGLOW, KILIAN PARIS, Too Faced, Dr.Jart+, the DECIEM
family of brands, including The Ordinary and NIOD, and BALMAIN
Beauty.
ELC-C ELC-L
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version on businesswire.com: https://www.businesswire.com/news/home/20241029764686/en/
Media Relations: Jill Marvin
jimarvin@estee.com
Investor Relations: Rainey Mancini
rmancini@estee.com
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