U.S. cosmetics company Estée Lauder (EL) has chosen longtime senior executive Stéphane de La Faverie to serve as its next chief executive officer (CEO).
De la Faverie is currently executive group president at Estée Lauder and will assume leadership of the New York-based company when current CEO Fabrizio Freda retires in June 2025.
De La Faverie has worked at Estée Lauder since 2011. He currently oversees cosmetics and fragrances at the company.
Freda announced his retirement this August and Estée Lauder was reportedly on a global search for his successor before choosing de la Faverie.
Media reports say that Jane Lauder, who was also being considered for the CEO role, will step down from her executive position with the company at the end of this year.
In addition to being a longtime senior executive, Jane Lauder is a granddaughter of the company’s founder and one of the largest shareholders of Estée Lauder.
The CEO transition comes as Estée Lauder grapples with declining sales in China, one of its biggest markets, and weak demand in the U.S.
Estée Lauder next reports financial results on Oct. 31. The company’s stock has declined 39% this year and currently trade at $88.72 U.S. per share.
