Fabrizio Freda, the long-term President and CEO of the Estée Lauder Companies (ELC), has announced his intention to retire at the end of fiscal year in June 2025.
Until the appointment of a successor, Freda will continue to oversee the luxury beauty brand owner’s strategic, financial and investment priorities.
According to ELC’s board of directors, its CEO succession planning process – including internal and external candidates – is “well advanced”.
Freda will continue into 2026 as an advisor to his replacement.
“Leading the Estée Lauder Companies for sixteen years, is and has been, a true honour and privilege,” said Freda.
“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.”
“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,” added ELC’s 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 continued: “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 joined ELC in March 2008 as President and Chief Operating Officer before assuming the CEO position in July 2009.
His tenure with the New York beauty giant followed a 20-year career at Procter & Gamble.
Freda’s decision to step down comes after the retirement of ELC’s 12-year CFO Tracey Travis.
Travis left the company at the end of June and will be replaced internally by Akhil Shrivastava later this year.
Challenges in its Asia travel retail segment have dogged ELC’s recent financials, with the company forced to cut jobs amid dip in sales.
Today the company also announced its fiscal 2024 results with a 2% net sales decrease to US$15.61bn.
According to ELC, this reflects lacklustre prestige beauty performance in mainland China and a decline in Asia travel retail, predominantly in the first half of the fiscal year.
