11:55 AM EDT, 06/05/2024 (MT Newswires) -- Estee Lauder's ( EL ) board plans to extend Fabrizio Freda's 15-year tenure as chief executive officer even amid a stock slump as the company focuses on a CEO succession plan, The Wall Street Journal reported Wednesday, citing people familiar with the discussions.

The board discussed Freda's future at a meeting late last month, and directors discussed extending his tenure beyond this month to stabilize the beauty-products company, the report said.

Executive Chairman William Lauder and Charlene Barshefsky, the lead independent director, said the board fully backs Freda and his plan to boost growth and profitability, according to the report.

"The board has a long-established process for succession planning which includes assessing potential leaders, internally and externally," Lauder and Barshefsky said in a statement, according to the report.

Some board members believe the search for the company's next CEO may take six to 12 months, while others think it may take longer, the WSJ reported, citing people familiar with the matter.

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

Price: 123.21, Change: -0.33, Percent Change: -0.27