07:31 AM EDT, 08/19/2024 (MT Newswires) -- (Updates with additional details in the third and fourth paragraphs.)

Estee Lauder ( EL ) said Monday that Chief Executive Fabrizio Freda plans to retire, effective the end of fiscal year 2025.

The company's board of directors said it has already begun succession planning.

Both internal and external candidates are under consideration, the company said.

Freda, who has served as chief executive for 16 years, will partner with his successor during a transition period and potentially act as an advisor to the firm in fiscal year 2026, the company said.

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