It’s a done deal. The Estée Lauder Companies named Stéphane de La Faverie as its next chief executive officer. The move was first reported in The Wall Street Journal. de La Faverie replaces long-time CEO Fabrizio Freda, who announced his retirement plans earlier this year. de La Faverie assumes the CEO role on Jan. 1, 2025.

In another move, William Lauder will step down as executive chairman. He will remain chair of the board of directors. William Lauder’s decision follows Sunday’s announcement that Jane Lauder is leaving the company. It marks the first time that no family members are involved in the day-to-day operations of The Estée Lauder Companies.

de La Faverie is Executive Group President at The Estée Lauder Companies.  As EGP, his portfolio of brands includes Estée Lauder and Aerin Beauty, Jo Malone London, Le Labo, Kilian Paris, Editions de Parfums Frederic Malle, Darphin Paris, Lab Series, Deciem (The Ordinary, Niod and Avestan), Too Faced, Smashbox and Glamglow. In addition to his brand portfolio, de La Faverie drives integrated planning and end-to-end business operations enterprise-wide, according to ELC.

Prior to joining the company in 2013, de La Faverie was a senior executive at L’Oréal. According to ELC, de La Faverie has an outstanding track record of building and leading global brands, a deep expertise across categories and channels, and a keen understanding of local relevance. His strength as an inclusive and empathic leader and his ability to balance emotional inspiration, authenticity and strategic insights to drive long-term, sustainable growth, have helped him successfully build his portfolio of brands and nurture a winning leadership team, according to his ELC bio.

de La Faverie’s annual base salary will be $1.5 million and his aggregate bonus opportunity at target will be $3 million. He will receive a one-time cash payment of $25,000 in connection with entry into the amendment.  de La Faverie’s annual equity-award target opportunity will have a value of no less than $10 million. For fiscal 2025, his total equity-award target opportunity will be prorated at $6.7 million, which includes an additional grant with a value of $3.2 million, according to an SEC filing.