Daily Front Row

2009 March 26

Regime Change at Estée Lauder

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(NEW YORK) Leonard Lauder, the current chairman of the board of Estée Lauder, will be retiring on July 1, clearing the way for some lineup changes at the cosmetics and perfume empire. Lauder’s son, William (grandson of Estée herself), who currently serves as chief executive officer, will assume his father’s role as chairman. Leonard will retain the title chairman emeritus. Current chief operating officer Fabrizio Freda will be bumped up to CEO where he will be responsible for developing the company's global strategy and investment priorities. Freda, who joined the company in 2008 after two decades at Proctor & Gamble, will also be given a slot on the Estée Lauder board.