The Estée Lauder Companies appoints new president and chief executive
The Estée Lauder Companies has announced that Stéphane de La Faverie is being promoted to the position of president and chief executive officer.
Due to take up the role on 1 January, he will succeed Fabrizio Freda who announced his intention to retire earlier this year after working for over 16 years with the business.
With more than 25 years of prestige beauty experience, De La Faverie joined The Estée Lauder Companies in 2011 and currently serves as executive group president. He has been credited with playing a key role in leading the implementation of the company’s profit recovery and growth plan and in enhancing its fragrance portfolio.
Prior to this, he served as general manager of Giorgio Armani Beauty USA, a division of L’Oréal Paris, and earlier in his career worked with Lancome.
In his new position, he will report directly to The Estée Lauder Companies’ board of directors.
Charlene Barshefsky, presiding director of the board of directors, said: “Stéphane is the ideal transformational leader needed to drive this extraordinary company through its current challenges and into its next chapter of growth.
“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.”
The Estée Lauder Companies has also announced that William Lauder will be stepping down from his current role as executive chairman, although he will remain as chair of the board of directors following the company’s upcoming annual meeting of stockholders.
