Estee Lauder Completes Senior Management Changes
The Estee Lauder Companies Inc. completes its senior management succession plan first announced in November 2007. Completion of the plan was approved by the company's board of directors this week. These appointments will be effective July 1, 2009, the start of the company's fiscal year 2010.
As president and chief executive officer, Fabrizio Freda, who is currently president and chief operating officer, 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. Freda will also become a member of the company's board of directors as of July 1, 2009.
William P. Lauder, the company's current chief executive officer, will become executive chairman and will serve as chairman of The Estee Lauder Companies' board of directors. As executive chairman, Lauder will partner with Freda to create significant long-term shareholder value for the company's investors. Together with Freda, Lauder will help drive and support the company's brand and global expansion opportunities in addition to his day-to-day management responsibilities.
Leonard Lauder, the current chairman of the board, will remain on the board and become chairman emeritus.
As president and chief executive officer, Fabrizio Freda, who is currently president and chief operating officer, 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. Freda will also become a member of the company's board of directors as of July 1, 2009.
William P. Lauder, the company's current chief executive officer, will become executive chairman and will serve as chairman of The Estee Lauder Companies' board of directors. As executive chairman, Lauder will partner with Freda to create significant long-term shareholder value for the company's investors. Together with Freda, Lauder will help drive and support the company's brand and global expansion opportunities in addition to his day-to-day management responsibilities.
Leonard Lauder, the current chairman of the board, will remain on the board and become chairman emeritus.