01:08 PM EDT, 10/28/2024 (MT Newswires) -- Estee Lauder ( EL ) has appointed long-time senior executive Stephane de La Faverie as its new chief executive in an effort to help revive sales, the Wall Street Journal reported Monday, citing people familiar with the situation.

Jane Lauder, a key CEO candidate and granddaughter of the founder, announced in a memo that she will step down from her executive role at the end of the year, the report said.

De La Faverie will be responsible for implementing a turnaround plan initiated by his predecessor, Fabrizio Freda, the Journal said. The company is expected to officially announce the CEO appointment this week, ahead of its quarterly earnings report on Thursday, according to the people.

Freda announced his retirement earlier this year, leading to a board search for his successor amid differing opinions on internal versus external candidates, the report said.

Estee Lauder ( EL ) didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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