The Estée Lauder Companies’ President & CEO Fabrizio Freda Announces Intention to Retire at the End of Fiscal Year 2025

Press Release, Aug 19, 2024

BOARD OF DIRECTORS IS WELL ADVANCED IN CEO SUCCESSION PROCESS

NEW YORK--(BUSINESS WIRE)-- The Estée Lauder Companies Inc. (NYSE: EL) today announced that Fabrizio Freda has informed the Board of Directors of his intention to retire at the end of fiscal year 2025. The Board is well advanced in its long-established CEO succession planning process whereby the Board has considered many highly qualified internal and external candidates. Until his successor is appointed, Mr. Freda will continue to lead and oversee the Company's strategic, financial and investment priorities, including the Company's Profit Recovery and Growth Plan and its efforts to reignite profitability and growth. Once a successor has been named, Mr. Freda will partner with this leader to ensure a smooth transition and will also be available in fiscal year 2026 as an advisor.

"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. "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."

Mr. Laudercontinued, "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."

On his retirement, Mr. Freda said, "Leading The Estée Lauder Companies for sixteen years, is and has been, a true honor and privilege. I am so proud of our company's incredible accomplishments, and to have built the most talented, dedicated, and passionate team in the industry. Together we have transformed the Company in beautiful ways; and we have set new standards for excellence. 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. 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."

The Company will announce its fiscal 2024 earnings results for its fourth quarter and full year ended June 30, 2024, on Monday, August 19, 2024.

Cautionary Note Regarding Forward-Looking Statements

Statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include those in the various quotations. Although the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, actual results may differ materially from the Company's expectations. Factors that could cause actual results to differ from expectations include the ability to successfully implement the Company's profit recovery and growth plan and those described in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K. The Company assumes no responsibility to update forward-looking statements made herein or otherwise.

About The Estée Lauder Companies

The Estée Lauder Companies Inc. is one of the world's leading manufacturers, marketers, and sellers of quality skin care, makeup, fragrance, and hair care products, and is a steward of luxury and prestige brands globally. The company's products are sold in approximately 150 countries and territories under brand names including: Estée Lauder, Aramis, Clinique, Lab Series, Origins, M·A·C, La Mer, Bobbi Brown Cosmetics, Aveda, Jo Malone London, Bumble and bumble, Darphin Paris, TOM FORD, Smashbox, AERIN Beauty, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, KILIAN PARIS, Too Faced, Dr.Jart+, and the DECIEM family of brands, including The Ordinary and NIOD.

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Source: The Estée Lauder Companies Inc.