Fabrizio Freda has informed the board of directors of The Estée Lauder Companies Inc. that he intends to retire at the end of fiscal year 2025.

Until his successor is appointed, Freda will continue to lead and oversee the company’s strategic, financial and investment priorities, including the ELC’s Profit Recovery and Growth Plan and its “efforts to reignite profitability and growth,” the company said in a statement.

Once a successor has been named, Freda will partner with this leader to ensure a smooth transition and will also be available in fiscal year 2026 as an advisor, according to ELC.

“On behalf of the entire Board of Directors and the Lauder family, we wish to extend our sincere gratitude to Fabrizio for over sixteen years of devoted service to the Company,” said William P. Lauder, executive chairman, in a statement. “We look forward to celebrating Fabrizio’s many amazing accomplishments as his formal retirement date nears. Until then, the Board, Fabrizio and the entire leadership team are laser-focused on navigating the current challenges faced by the Company.”

Lauder added, “On a personal note, Fabrizio has been an incredible partner to me as well as other members of the Lauder family. He understands the uniqueness of this family business and has used our long-term focus and principle of patient capital as a point of strength as he has transformed the business to meet evolving consumer aspirations.”

Freda has led The Estée Lauder Companies for 16 years.

The executive called his tenture a “true honor and privilege.” Freda called his team, the most “talented, dedicated and passionate” group in the industry.

“I will continue to be fully focused on the execution of our strategic reset and the Profit Recovery and Growth Plan, as we continue to address the current challenges,” said Freda. “As we manage for the long term, now is the right time to look ahead to the next generation of leadership for this great company. I look forward to continuing to work closely with our Board of Directors in the selection of my successor and ensuring a seamless transition.”

ELC was set to release its fiscal 2024 earnings results for its fourth quarter and full year today.

Freda’s Tenure at ELC

Freda joined ELC March 2008 as president and COO. He became CEO in July 2009. Prior to joining The Estée Lauder Companies, Freda had a 20-year career at Procter & Gamble, where he was responsible for numerous operating, marketing and strategic efforts spanning different geographies and categories. He also spent more than a decade in positions of increasing responsibility in the Health and Beauty Care division at P&G. During that time he led the launch and expansion of a P&G hair care brand in several European countries. Prior to P&G, Freda directed marketing and strategic planning for Gucci SpA. 

In 2018, Freda, was named to the Reputation Institute’s CEO RepTrak study, which ranks the world’s most reputable CEOs.