The Est?e Lauder Companies has announced that from July 1, 2009, Fabrizio Freda will become President and CEO and William Lauder – the company's current CEO – will become Executive Chairman of The Est?e
Lauder Companies' Board of Directors.
The changes are part of the company's senior management succession plan first announced in November 2007.
As President and CEO, Fabrizio Freda (who is currently President and COO), will be responsible for developing the company's overall vision, strategy, financial objectives and investment priorities. He will be accountable for the achievement of the company's overall corporate performance objectives, including revenue, profit, and return on invested capital goals. He becomes a member of the company's Board of Directors on July 1, 2009.
William Lauder – the company's current CEO – will become Executive Chairman and will serve as Chairman of The Est?e Lauder Companies' Board of Directors. As Executive Chairman, he will partner with Freda to create significant long-term shareholder value for the company's investors.
Leonard Lauder, the current Chairman of the Board, will remain on the Board and become Chairman Emeritus.