BUSINESS - The Estée Lauder Companies Announces the Appointment of Stéphane de La Faverie as President and Chief Executive Officer

Stéphane de La Faverie appointed President and Chief Executive Officer, The Estée Lauder Companies - (Photo: Business Wire)

La Faverie to Assume Role on January 1, 2025 - William P. Lauder to Step Down as Executive Chairman, Will Remain Board Chair

NEW YORK, USA -- (BUSINESS WIRE)

Monday November 4, 2024

The Estée Lauder Companies Inc. 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.

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.