The company said its Board appointed Stéphane de La Faverie as President and Chief Executive Officer on October 29, 2024, effective January 1, 2025. Current CEO Fabrizio Freda will step down from both roles and from the Board at the end of the day on December 31, 2024.

1. 01

   The company said its Board appointed Stéphane de La Faverie as President and Chief Executive Officer on October 29, 2024, effective January 1, 2025. Current CEO Fabrizio Freda will step down from both roles and from the Board at the end of the day on December 31, 2024.

2. 02

   Effective January 1, 2025, de La Faverie's annual base salary will be $1,500,000, his target bonus opportunity will be $3,000,000, and his annual equity-award target value will be no less than $10,000,000, the company said. A one-time cash payment of $25,000 will also be made in connection with the agreement.

3. 03

   The company said Freda will serve as a Special Advisor from January 1, 2025 until he retires on June 30, 2026, must devote not less than 20% of his time to the role, and will keep an annual base salary of $2,100,000. His equity-award target value for fiscal 2026 is $12,500,000.

4. 04

   The company said William P. Lauder will step down as Executive Chairman after the Annual Meeting on November 8, 2024 and retire on March 1, 2025, but will remain Chair of the board. Starting March 1, 2025, he will receive an additional retainer of $225,000 a year for his service as Chair.

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Original filing

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