Stéphane de La Faverie Named New CEO of Estée Lauder Cos., William Lauder Steps Down as Executive Chairman
It’s official: Stéphane de La Faverie is the new president and chief executive officer of the Estée Lauder Cos.
He will take the reins on Jan. 1, the company confirmed in a statement early Wednesday, as it also announced that William Lauder will step down from his current role as executive chairman of the company and will remain chair of the board of directors, following the company’s upcoming annual meeting of stockholders.
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After Jane Lauder’s Sunday announcement that she will be departing her role at the company, this means that there will be no family members working in the day to day running of the company for the first time. De La Faverie’s hiring as CEO effective Jan. 1 also means that Fabrizio Freda, the current president and CEO, will be stepping down earlier than planned.
Of de La Faverie’s appointment, William Lauder said, “His strategic vision will position the company to drive long-term growth in the face of its current challenges, as he deploys transformational new approaches for the future. This appointment marks an exciting new chapter in our company’s story, and I look forward to supporting Stéphane as he leads the many talented employees of The Estée Lauder Cos. and accelerates us along our path to a promising future.”
In an internal memo sent by William Lauder and Freda seen by WWD, the duo explained family involvement going forward.
“As ELC begins this next chapter, the Lauder family intends to remain meaningful stockholders, ensuring that their values and approach to long-term patient capital continue to play a vital role in the company’s governance,” it said. “As announced by the company this week, Jane Lauder plans to continue serving on the board of directors, alongside Gary, Ronald and William, with a shared focus on driving long-term growth that benefits all stockholders. Leonard, who will remain chairman emeritus, and Aerin, who will continue as founder and creator of AERIN, and style and design director of Estée Lauder Re-Nutriv, will also play influential roles in shaping our company.”
After many years at L’Oréal Paris, de La Faverie joined Lauder in 2011 as senior vice president, global general manager, Aramis and designer fragrances. Most recently, as executive group president, his portfolio of brands includes Estée Lauder and Aerin Beauty; Jo Malone London; Le Labo and Deciem, among others.