🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Estee Lauder names insider Stéphane de La Faverie as new CEO, WSJ reports

Published 10/28/2024, 01:03 PM
Updated 10/28/2024, 01:33 PM
© Reuters. FILE PHOTO: An Estee Lauder cosmetics counter is seen in Los Angeles, California, U.S., August 19, 2019. REUTERS/Lucy Nicholson/File Photo
EL
-

(Reuters) -Cosmetics giant Estee Lauder (NYSE:EL) 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.

© Reuters. FILE PHOTO: An Estee Lauder cosmetics counter is seen in Los Angeles, California, U.S., August 19, 2019. REUTERS/Lucy Nicholson/File Photo

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.