Mar 26, 2009
Estee Lauder to promote COO to CEO as planned
Mar 26, 2009
CHICAGO, March 26 (Reuters) - Estee Lauder Companies Inc (EL.N) named a new chief executive on Thursday, completing a succession plan first announced in November 2007.
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The cosmetics and perfume company said president and chief operating officer Fabrizio Freda, 51, will be promoted to CEO effective July 1, which is the start of its 2010 fiscal year. He also will join the company's board.
William Lauder, 48, the current CEO, will become executive chairman and serve as chairman of the board, Estee Lauder said. Leonard Lauder, the current chairman, will become chairman emeritus.
Estee Lauder, known for its Clinique and M.A.C. cosmetic brands, outlined a four-year restructuring plan in February that included cutting 2,000 jobs, or about 6 percent of its workforce, over two years and boosting overseas sales.
Prior to joining Estee Lauder in 2007, Freda had a 20-year career at Procter & Gamble Co (PG.N), where he was responsible for various operating, marketing and key strategic efforts, Estee Lauder said. Freda was president of P&G's global snacks business and before that spent more than a decade working in its health and beauty care business.
Earlier in his career, Freda directed marketing and strategic planning for Gucci SpA, Estee Lauder said. (Reporting by Ben Klayman; Editing by Derek Caney)
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