Estee Lauder names COO, heir to CEO
This article was originally published in The Rose Sheet
Fabrizio Freda has been named president and chief operating officer of Estee Lauder, the firm announces Nov. 9. The appointment puts Freda in line to succeed William P. Lauder as CEO within 24 months, the firm states. At that time, chairman of the board Leonard Lauder will become chairman emeritus and William Lauder will assume his father's post. Firm's specialty brands division, Clinique, the international business and the Aramis and Designer Fragrances division will report to Freda. Prior to this appointment, Freda was president, global snacks at Procter & Gamble. "He is one of the world's most talented global executives and a true internationalist with the experience and capability to drive our dynamic global business. Additionally, he has a proven track record in the consumer products arena and a passion for consumer-inspired innovation," William Lauder said in a statement. Current COO Dan Brestle is made vice chairman and president, ELC North America; he will oversee the Estee Lauder, MAC, Prescriptives and Tom Ford Beauty brands....
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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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