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William passes baton to first non-Lauder CEO

Executive Summary

Fabrizio Freda will be CEO and president of The Estee Lauder Companies on July 1, the start of the firm's fiscal 2010, the firm announces March 26. The move makes Freda the first non-Lauder family member to head the company (1"The Rose Sheet" Nov. 12, 2007, In Brief). Chairman of the Board Leonard Lauder will become chairman emeritus, and William P. Lauder will assume the role of executive board chairman. Freda, currently the firm's president and chief operating officer, previously worked at Procter & Gamble as president of global snacks. In his new post Freda will be responsible for implementing the firm's long-term strategic plan to gain market share in the global prestige beauty industry and improve its profitability. "It is a great honor to lead this fantastic company to even greater heights of success," Freda says. "As we embark on this next chapter, guided by our new corporate vision to imagine, integrate and innovate, we expect to deliver unparalleled creativity, improve efficiency and unite the brands and regions into a cohesive whole.
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