Estee Lauder CEO Fabrizio Freda to retire next year

By Steve Gelsi

The company's board has already been considering candidates for the job

Estée Lauder Cos. (EL) said Monday a search for a new chief executive has already been launched, as current Chief Executive Fabrizio Freda plans to retire at the end of fiscal year 2025 after 16 years in the job.

The makeup- and hair-products company said it's already "considered many highly qualified internal and external candidates" but has yet to name a successor to Freda, who will continue to lead the company for now.

Once a new chief executive is named, Freda plans to remain available in fiscal year 2026 as an adviser.

Separately, Estée Lauder's fourth-quarter results exceeded analyst estimates but its outlook for fiscal 2025 fell short of Wall Street expectations.

Estée Lauder's stock was down 4.2% in premarket trading.

Freda started as president and operating chief at Estée Lauder in 2008 before moving to chief executive in July 2009.

He's also been on the board of directors at BlackRock Inc. (BLK) since 2012.

Before joining Estée Lauder, he worked at packaged-goods giant Procter & Gamble Co. (PG) for more than 20 years, with roles that included president of global snacks.

-Steve Gelsi

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08-19-24 0830ET

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