William Lauder To Step Down From Family Company

William Lauder To Step Down From Family Company

Estée Lauder Cos. announced today that Chief Executive William Lauder, grandson of the company founder, will step down within two years and be replaced by a Procter & Gamble Co. executive who recently headed that company's snacks division.

Mr. Lauder's surprise decision to step aside, amid pressure from investors, reflects Estée Lauder's efforts to repair its sagging brands and operations amid heightened competition and a changing retail landscape.

Fabrizio Freda, a 23-year P&G veteran, will join Estée Lauder in March as president and chief operating officer. Daniel Brestle, Estée Lauder's current chief operating officer, will become vice chairman and president of its North American division.

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