Published by Jessica Weisman-Pitts
Posted on October 28, 2024
(Reuters) -Cosmetics giant Estee Lauder has picked senior executive Stéphane de La Faverie to take over as its CEO, the Wall Street Journal reported on Monday, citing people familiar with the matter.
In August, the company said CEO Fabrizio Freda was retiring next year and would remain as an advisor to his successor in fiscal year 2026.
La Faverie is currently the executive group president at the company, with brands such as Estée Lauder, Jo Malone London, Le Labo and Kilian Paris under his portfolio. He joined the company in 2013 and prior to that was a senior executive at L’Oreal.
Jane Lauder, who was among the potential CEO candidates, told staff in a memo that she would step aside from her executive role at the company at the end of the year, the Wall Street Journal added.
Estee Lauder did not immediately respond to a Reuters request for comment.
Shares of the company were up about 1%.
La Faverie’s potential appointment comes at a time when the company is grappling with strained demand as the global beauty market struggles, especially in China.
Last week, French cosmetics giant L’Oreal reported a quarterly sales miss due to low consumer confidence in China.
Estee Lauder is expected to announce the CEO selection as soon as this week, WSJ added. The company is set to report quarterly results on Oct. 31.
(Reporting by Savyata Mishra in Bengaluru; Editing by Shailesh Kuber)
