Updated Nov 13, 2007
In two years time there will be an end to the tradition of a Lauder leading the global cosmetic company. William Lauder, President and CEO of Estee Lauder will be stepping down and handing over the reins of the company to a Proctor & Gamble (P&G) executive. This will be the first time since the company was formed in 1946.
He will be replaced by Fabrizio Freda, the former President of P&G’s global snack division. According to reports, Freda will join the Estee Lauder as Chief Operating Officer in March 2008 until his appointment when Lauder leaves.
Lauder states in an interview with the Wall Street Journal that the decision was driven by a belief that “…the interests/..of this company are best served by being an independent company focused on the prestige beauty business.”
Written by the CareFair.com Editorial Team.
