Estee Lauder names COO, heir to CEO
This article was originally published in The Rose Sheet
Executive Summary
Fabrizio Freda has been named president and chief operating officer of Estee Lauder, the firm announces Nov. 9. The appointment puts Freda in line to succeed William P. Lauder as CEO within 24 months, the firm states. At that time, chairman of the board Leonard Lauder will become chairman emeritus and William Lauder will assume his father's post. Firm's specialty brands division, Clinique, the international business and the Aramis and Designer Fragrances division will report to Freda. Prior to this appointment, Freda was president, global snacks at Procter & Gamble. "He is one of the world's most talented global executives and a true internationalist with the experience and capability to drive our dynamic global business. Additionally, he has a proven track record in the consumer products arena and a passion for consumer-inspired innovation," William Lauder said in a statement. Current COO Dan Brestle is made vice chairman and president, ELC North America; he will oversee the Estee Lauder, MAC, Prescriptives and Tom Ford Beauty brands....