William P. Lauder and Fabrizio Freda Announce A Strategic Organizational Evolution for The Estée Lauder Companies
NEW YORK--(BUSINESS WIRE)-- Executive Chairman William P. Lauder and President and Chief Executive Officer Fabrizio Freda of The Estée Lauder Companies Inc. (NYS: EL) today announced an organizational evolution which reflects the outstanding global growth of the Company, and strengthens its historic brand focus to become even more locally relevant. This evolution also creates further exciting growth opportunities for the Company's talent worldwide.
Mr. Freda stated, "Great organizations are dynamic, evolving as markets change and as skills of the organization grow. In 2009, we strengthened our Company by creating roles that enabled our leaders to best leverage their expertise. The results have been far-reaching. Today, we work even more collaboratively and decisively, and this evolution will drive our future success."
Specifically, under the enhanced organizational design, the Company will expand its number of Group Presidents, from two to four, adding two new senior positions to top management. The Company will also further realign its brands to leverage additional innovations and strategic synergies, increasing their ability to become even more locally relevant and ensuring sharp focus on the greatest opportunities globally.
Key highlights of this organizational evolution, effective January 1, 2013, include the following:
Thia Breen has been named to the new position of Group President North America, building on her outstanding success leading the Company's home market while continuing to develop the Company's strong retailer partnerships within the region. Ms. Breen will oversee both the U.S. and Canadian affiliates, to further drive growth in these markets.
Lynne Greene has been named to the new position of Group President, continuing to oversee the Clinique, Origins and Ojon global brands, with the addition of the Aveda and Darphin brands. The strategic regrouping of these brands under Ms. Greene's exceptional leadership will further develop their innovation synergies while continuing to deliver growth in their respective priority channels. Ms. Greene will also join the Company's Investment and Development Committee (IDC) to help guide global M&A strategy.
Ms. Breen and Ms. Greene will continue to report to Fabrizio Freda.
We are also announcing the realignment of several global brand positions and increased responsibilities of other leaders in the Company.
"We owe the success of our Company to our great leaders and people. The redesign we are announcing today expands the roles of several of our most senior executives and positions our Company for sustained profitable growth. I am confident that given their new responsibilities, this team will continue to deliver superior results, further inspiring and motivating our dynamic culture," Mr. Lauder stated.
The forward-looking statements contained in this press release, such as those in the remarks by Mr. Lauder and Mr. Freda, are subject to risks and uncertainties. Factors that could cause actual results to differ from those we expect, such as competition, changes in the beauty industry and the risks of doing business abroad, are set forth in our annual report on Form 10-K for the year ended June 30, 2012 and our quarterly report on Form 10-Q for the quarter ended September 30, 2012.
The Estée Lauder Companies Inc. is one of the world's leading manufacturers and marketers of quality skin care, makeup, fragrance and hair care products. The Company's products are sold in over 150 countries and territories under the following brand names: Estée Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins, M•A•C, Bobbi Brown, Tommy Hilfiger, Kiton, La Mer,Donna Karan, Aveda, Jo Malone, Bumble and bumble, Darphin, Michael Kors, American Beauty, Flirt!, GoodSkin Labs, Grassroots Research Labs, Tom Ford, Coach, Ojon, Smashbox, Ermenegildo Zegna, Aerin Beauty and Osiao.
An electronic version of this release can be found at the Company's Website, www.elcompanies.com.
KEYWORDS: United States North America New York
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