07:28 AM EDT, 10/30/2024 (MT Newswires) -- Estee Lauder ( EL ) said Wednesday its board has appointed Stephane de La Faverie as chief executive officer and president, effective Jan. 1, 2025.

The new executive will succeed Fabrizio Freda, who notified the company of his plan to retire earlier in 2024, Estee Lauder ( EL ) said.

William P. Lauder will step down as executive chair after Estee Lauder's ( EL ) upcoming annual shareholders meeting but will remain board chair, the company added.

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