Stéphane de La Faverie is taking up the mantle of President and CEO of Estée Lauder Companies (ELC), effective 1 January 2025.
He will succeed long-term ELC President and CEO Fabrizio Freda, who announced in August that he would retire next year.
Freda will support La Faverie over the coming months to "ensure a seamless transition", read a statement from ELC.
La Faverie will report directly to the ELC's board of directors.
“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 ELC's 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 revitalise growth.
"His deep knowledge of our company will enable Stéphane to quickly assess opportunities and implement strategic plans.”
La Faverie has worked for ELC for more than 13 years and is currently Executive Group President.
Other leadership positions he has held during his tenure include Global President Estée Lauder, Global President Origins and Darphin, and SVP GM ADF Global.
“I am deeply humbled and excited to lead ELC, a company founded by a visionary entrepreneur whose legacy continues to inspire us today," said La Faverie.
"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 revitalising 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.”
La Faverie's appointment follows the news of Jane Lauder’s impending departure from ELC, which broke on 28 October.
Lauder is the granddaughter of Estée Lauder and has held the title of Chief Data Officer and Executive VP Enterprise Marketing at the US beauty giant since July 2020.
She was initially reported to be a favoured internal candidate to take on the role of CEO, alongside La Faverie.