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<ul class="summary-list"><li><keyword id="23774633" type="General" weightage="100" keywordseo="Jane-Lauder" source="keywords">Jane Lauder</keyword>, beauty magnate <keyword id="21856043" type="General" weightage="20" keywordseo="Este-Lauder" source="keywords" meta.keywordsubtype="org" meta.entityname="Estée Lauder" meta.hostid="261" meta.entityid="Estée Lauder">Estée Lauder</keyword>'s granddaughter, is leaving the family-run company.</li><li>Her departure comes after Estée Lauder announced its CEO, <keyword id="23726861" type="General" weightage="20" keywordseo="Fabrizio-Freda" source="keywords">Fabrizio Freda</keyword>, is stepping down.</li></ul>Jane Lauder, whose grandmother founded Estée Lauder and who was seen as a contender to become its next CEO, is set to depart the company.<br /><br />Lauder joined the family-run company in 1996 and was named its first executive vice president of enterprise marketing and chief data officer in 2020, according to a press release. Before that, she worked in senior leadership positions for brands including Clinique, Origins, and Darphin, which are all owned by Estée Lauder.<br /><br />The fashion trade outlet WWD first reported the news. Estée Lauder confirmed the story but said it would not be issuing a statement.<br /><br />Her departure comes amid a <keyword id="21737281" type="General" weightage="20" keywordseo="leadership-shake-up" source="keywords">leadership shake-up</keyword> for Estée Lauder Companies Inc., which announced in August that longtime CEO <a target="_blank" class="" href="https://www.businessinsider.com/how-deciem-and-the-ordinary-fit-into-estee-lauders-growth-2021-2">Fabrizio Freda</a> would retire at the end of the 2025 financial year.<br /><br />  <div type="image" title="Fabrizio Freda attends the Balmain Womenswear Spring-Summer 2025 show as part of Paris Fashion Week on September 25, 2024." height="960" width="1280" msid="114697538" hostid="261"></div>The announcement of Freda's departure came as Estée Lauder reported a 2% decrease in organic sales for the year to June, citing "ongoing softness in <a target="_blank" href="https://www.businessinsider.com/whats-behind-china-luxury-goods-slowdown-economy-changing-consumer-tastes-2024-10">China</a>" as a key reason. In the earnings release, Freda also called the sales and profit outlook for the current financial year "disappointing."<br /><br />At the time of his retirement announcement, Estée Lauder said it was "well advanced in its long-established <keyword id="23217871" type="General" weightage="20" keywordseo="CEO-succession" source="keywords">CEO succession</keyword> planning process" and that the board was considering both internal and external candidates.<br /><br />In an internal memo, Lauder said she plans to remain a board member and shareholder, WWD reported.<br /><br />"The company is embarking on a necessary and fundamental turnaround," Lauder said, per WWD. "I have thought about how I can be most effective in helping the company reclaim its rightful position as the world's leader in prestige beauty and restore long term shareholder value."<br /><br />Lauder also said in the memo that she will remain an advisor to the CEO in the coming months.<br /><br />  <div type="image" title="Aerin Lauder, William Lauder, and Jane Lauder at the Breast Cancer Research Foundation Hot Pink Party at The Glasshouse in New York City in May 2024." height="853" width="1280" msid="114697536" hostid="261"></div>Lauder isn't the only family member to have had leadership stints at her grandmother's company.<br /><br />Her cousin, William Lauder, stepped down as CEO in 2009 to serve as Estée Lauder's executive chairman. Her sister, Aerin Lauder Zinterhofer, also spent decades working at the company before launching her eponymous luxury lifestyle brand Aerin, which is part of Estée Lauder's portfolio.<br /><br />After nearly three decades, Lauder will soon no longer be involved in day-to-day operations at Estée Lauder, but her family still owns a 38% share of the company and controls most of the voting rights.<br /><br /><i>Correction: October 28, 2024 — An earlier version of this story mischaracterized Estée Lauder's response to a request for comment from Business Insider. It has been updated.</i><br />

Jane Lauder is departing Estée Lauder, taking her out of the race to lead the company her grandmother founded 

<ul class="summary-list"><li>Estée Lauder announced its "Post-COVID Business Acceleration Program" on Thursday, a plan that involves a series of sweeping cuts in order to account for sales slumps during the pandemic. </li><li>As part of the plan, up to 2,000 jobs will be slashed and up to 15% of freestanding global stores will be permanently shuttered. </li><li>However, CEO <keyword id="162216" type="COMPANY" weightage="60" keywordseo="Estee-Lauder">Estee Lauder</keyword> CEO Fabrizio Freda said in a call with investors on Thursday he is confident that growing categories like skincare will bolster the company moving forward. </li></ul><p><keyword id="6354629" type="UNKNOWN" weightage="60" keywordseo="beauty">Beauty</keyword> giant Estée Lauder is slashing up to 2,000 jobs and permanently closing up to 15% of its total stores due to sales slumps amid the pandemic. </p><p>The company reported a 4% decrease in annual sales for the fiscal year ending on June 30 on Thursday, while at the same time announcing its "Post-COVID Business Acceleration Program," a two-year initiative designed to "rebalance investments to address the dramatic shifts in the distribution landscape and consumer behavior post-COVID-19."</p><p>According to a <a href="https://www.elcompanies.com/en/news-and-media/newsroom/press-releases/2020/08-20-2020-114523255">post on the Estée Lauder website,</a> the plan involves a series of sweeping reductions, including cutting between 1,500 and 2,000 positions, "primarily point of sale employees and related support staff in the areas that were the most disrupted."</p><p>The plan will also involve the permanent closure of between 10-15% of its international freestanding stores, "as well as certain less productive <keyword id="162217" type="ORGANIZATION" weightage="60" keywordseo="department-store">department store</keyword> counters that the company elects to close," the post reads. </p><p>Like many sectors of the <keyword id="6354851" type="UNKNOWN" weightage="100" keywordseo="retail">retail</keyword> industry, cosmetics have taken a hit due to shifting consumer demand, record unemployment rates, and the economic recession. Product categories lipstick have especially struggled, given the widespread use of masks that conceal the lips, though beauty companies including Estée Lauder have found <a href="https://www.businessinsider.com/eye-makeup-sales-rise-lipstick-dips-due-to-mask-wearing-2020-8">bright spots in skincare and eye makeup</a>. </p><p>"COVID-19 and its wide-ranging impacts have also influenced consumer preferences and practices due to the closures of offices, retail stores and other businesses and the significant decline in social gatherings," Estée Lauder said in the press release. "The demand for skin care and hair care products has been more resilient than the demand for makeup and fragrance."</p><p>In a call with investors yesterday, Estée Lauder CEO Fabrizio Freda said skincare has "performed exceptionally well." Freda said that while the lipstick index — a term coined by Estee Lauder chairman Leonard Lauder in 2001 to explain the growth and resilience of lipstick sales during economic decline — may be obsolete, it has instead switched categories to skincare. </p><p>"Somebody was asking me if the lipstick index is finished ... [the] concept was that beauty is a resilient category, both in situations of crisis like this one and in particular situation of recession risk, because they are affordable purchases for indulging and taking care of yourself," Freda said on the call. "Consumers really love their routines. Now this has remained exactly true also in this crisis. What has changed is the category."</p>

Estee Lauder is slashing up to 2,000 jobs and closing up to 15% of its stores globally

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Getty</span></p><p class="caption">Estée Lauder CEO Fabrizio Freda earned $48.8 million in total compensation in 2018, according to the AFL-CIO.</p></div><p></p></div></div></p><ul class="summary-list"><li><span>The 30 highest-paid <keyword id="6354851" type="UNKNOWN" weightage="100" keywordseo="retail">retail</keyword> CEOs each earned upwards of $15 million in total compensation in 2018, according to new data.</span></li><li><span>Some of the top-paid CEOs work for companies including <a href="https://businessinsider.com/category/tesla">Tesla</a>, <a href="https://businessinsider.com/category/walmart">Walmart</a>, BJ's Wholesale Club, <a href="https://businessinsider.com/category/pepsico">PepsiCo</a>, and <a href="https://businessinsider.com/category/gap">Gap</a>.</span></li><li><span><a href="https://www.businessinsider.com/?hprecirc-bullet"><span>Visit Business Insider's homepage for more stories.</span></a></span><span></span></li></ul><p><span>Some of the highest-paid chief executives in the US work for retail companies including Walmart, BJ's Wholesale Club, PepsiCo, and Gap, according to </span>new <a href="https://aflcio.org/paywatch/highest-paid-ceos">data</a> from The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), the largest group of labor unions in the US. </p><p><span>Overall, the 30 top-paid retail CEOs each earned upwards of $15 million in total compensation in 2018, according to the data, which</span> is <a href="https://aflcio.org/terms-and-data-sources">based</a> on<span> company proxy statements filed with the U.S. Securities and Exchange Commission.</span></p><p><span>Here's a list of the 30 retail CEOs who earned the most in 201</span>8, according to the AFL-CIO's report. </p><p class="tagline"><a href="https://www.businessinsider.com/intelligence/future-of-retail?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=walmart&amp;itm_campaign=future-of-retail"></a></p>

The 30 highest-paid CEOs in retail

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Harry Wai/NurPhoto via Getty Images)</span></p></div><p></p></div></div></strong></p><ul><li><strong><a href="https://markets.businessinsider.com/stocks/el-stock">Estee Lauder</a> reported fiscal fourth-quarter 2019 earnings Monday that beat Wall Street. expectations.</strong></li><li><strong>Shares rose more than 7% in early trading on the news. </strong></li><li><strong>The company also raised its outlook for fiscal 2020 and now expects sales to grow between 7% and 8% next year.</strong></li><li><strong><a href="https://markets.businessinsider.com/stocks/el-stock">Watch Estee Lauder trade live on Markets Insider. </a></strong></li></ul><p><span style="font-weight: 400;"><a href="https://markets.businessinsider.com/stocks/el-stock">Estee Lauder</a> is having a great year, and it expects the next one to be just as good. </span></p><p><span style="font-weight: 400;">Shares of the company jumped more than 7% in early trading Monday after it posted a solid earnings beat for fiscal fourth quarter 2019. The company also raised its guidance for 2020.</span></p><p><span style="font-weight: 400;">Here's what the company reported versus what analysts surveyed by Bloomberg expected: </span></p><ul><li style="font-weight: 400;"><span style="font-weight: 400;"><strong>Net sales:</strong> $3.59 billion versus $3.53 billion expected </span></li><li style="font-weight: 400;"><span style="font-weight: 400;"><strong>Adjusted earnings per share:</strong> $0.64 per share, versus $0.53 per share expected</span></li></ul><p><span style="font-weight: 400;">Growth in the fourth quarter was largely driven by China and emerging markets, as well as <keyword id="6354851" type="UNKNOWN" weightage="60" keywordseo="retail">retail</keyword> and online channels, the company said. These were the same forces that propelled the prestige beauty maker throughout the year. </span></p><p><span style="font-weight: 400;">"Fiscal 2019 was an outstanding year for our company," said Fabrizio Freda, the CEO, in a <a href="https://www.elcompanies.com/en/news-and-media/newsroom/press-releases/2019/08-19-2019-114523911" target="_blank" rel="noopener">press release</a>. "We achieved strong net sales gains across our business, fueled by investments in our strategic priorities, including improved data analytics that helped power our innovation and digital marketing."</span></p><p><span style="font-weight: 400;">He continued: "Our winning strategy led to continued share gains in global prestige beauty." </span></p><p><span style="font-weight: 400;">The company now expects global prestige beauty to grow 6% to 7% during fiscal 2020, "assuming no additional geopolitical risk materializes."</span></p><p><span style="font-weight: 400;">However, the company said that it is aware and mindful of the risks that could affect consumer spending in its category - it names softness of brick and mortar retail, Brexit, escalating US and China trade tensions, and Hong Kong protests as risks it is watching for in 2020. </span></p><p><span style="font-weight: 400;">The company thinks its net sales will grow between 7% and 8% on the year in 2020, and aims to stabilize in North America despite a "currently tough retail environment." </span></p><p><span style="font-weight: 400;">The company posted sales growth in skin care, makeup, fragrance, and hair care. It posted sales growth across all regions- even North American sales were up 1%. The company has struggled to perform in North America, where it faces a challenge in brick and mortar stores. </span></p><p><span style="font-weight: 400;"><a href="https://markets.businessinsider.com/stocks/el-stock">Estee Lauder is up 43% </a>year to date.</span></p><p><a href="https://markets.businessinsider.com/stocks/el-stock"><span style="font-weight: 400;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Markets Insider</span></p></div><p></p></div></div></span></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/trying-12000-flying-surfboard-efoil-from-lift-foils-2019-7">We tried a $12,000 'flying surfboard' and it's a lot easier to ride than you may think</a></h3>        <div>                    </div>    </div>

Estee Lauder jumps on 'outstanding' earnings beat, positive outlook

<p><div class="KonaFilter image-container float_right click-to-enlarge"><div class="image on-image"><a title_source="AP Photo/Eric Risberg" title_caption="Oracle CEO Larry Ellison." class="zoomin" href="https://static-ssl.businessinsider.com/image/5385f3e66bb3f78a6813aa52-960/larry-ellison-77.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>AP Photo/Eric Risberg</span></p><p class="caption">Oracle CEO Larry Ellison.</p></div><p></p></div>Average CEO pay at the biggest companies in the U.S. has been increasing at a moderate rate with the majority of wealth concentrated in fewer hands over the past several years, according to <a href="http://graphics.wsj.com/executive-salary-compensation-2014/">a new annual survey by the Wall Street Journal and the Hay Group</a>.</p>
<p>Total annual compensation for the top 301 CEOs in America increased by a median 5.5% to $11.4 million from 2012 to 2013. <span style="line-height: 1.5em;">The top 10% of earners made 23% of the total compensation, according to the report.</span></p>
<p>Meanwhile, <a href="http://online.wsj.com/articles/ceo-pay-rises-moderately-a-few-reap-huge-rewards-1401235102?mod=WSJ_hp_RightTopStories&amp;cb=logged0.8643125495873392">wages and salaries for private sector employees in the U.S. increased by 1.8%</a> during the same period, a growth discrepancy also indicative of <a href="http://www.epi.org/publication/ceo-pay-2012-extraordinarily-high/">a trend</a> since the recession.</p>
<p>Notably, none of the CEOs in the top 10 lead companies ranked in the top 10% for performance. Larry Ellison is the highest paid CEO in the U.S., but Oracle ranks as No. 152 in performance. Similarly, Disney CEO Robert Iger is the sixth highest paid, but the company's performance ranks at No. 165.</p>
<p>Total direct compensation consists of salary, annual incentives, stock option grants, restricted stock grants, and performance awards. Most of those in the top 10 made their money from stock options and cash.</p>
<p>Here are the top 20 <a href="http://online.wsj.com/articles/ceo-pay-rises-moderately-a-few-reap-huge-rewards-1401235102?mod=WSJ_hp_RightTopStories&amp;cb=logged0.8643125495873392" target="_blank">highest paid CEOs</a>:</p>
<h3>1. Lawrence J. Ellison, Oracle</h3>
<p>2013 Compensation: $76.9M / One-Year Change: -18.7%</p>
<h3>2. Leslie Moonves, CBS</h3>
<p>2013 Compensation: $65.4M / One-Year Change: 11.1%</p>
<h3>3. Michael T. Fries, Liberty Global</h3>
<p>2013 Compensation: $45.4M / One-Year Change: 248.2%</p>
<h3>4. Richard C. Adkerson, Freeport-McMoRan Copper &amp; Gold</h3>
<p>2013 Compensation: $38.9M / One-Year Change: 125.1%</p>
<h3>5. Philippe P. Dauman, Viacom</h3>
<p>2013 Compensation: $36.8M / One-Year Change: 11.0%</p>
<h3>6. Robert A. Iger, Disney</h3>
<p>2013 Compensation: $33.4M / One-Year Change: -8.1%</p>
<h3>7. Jeffrey L. Bewkes, Time Warner</h3>
<p>2013 Compensation: 32.4% / One-Year Change: 26.9%</p>
<h3>8. Mark T. Bertolini, Aetna</h3>
<p>2013 Compensation: $31.2M / One-Year Change: 174.9%</p>
<h3>9. Fabrizio Freda, Estee Lauder</h3>
<p>2013 Compensation: $30.9M / One-Year Change: 140.1%</p>
<h3>10. Jeffrey R. Immelt, General Electric</h3>
<p>2013 Compensation: $28.2M / One-Year Change: 262.1%</p>
<h3>11. Lloyd C. Blankfein, Goldman Sachs</h3>
<p>2013 Compensation: $28.0M / One-Year Change: 16.7%</p>
<h3>12. Rex W. Tillerson, ExxonMobil</h3>
<p>2013 Compensation: $27.6M / One-Year Change: 3.2%</p>
<h3>13. Rupert K. Murdoch, 21st Century Fox</h3>
<p>2013 Compensation: $25.8M / One-Year Change: 16.9%</p>
<h3>14. David N. Farr, Emerson Electric</h3>
<p>2013 Compensation: $24.9M / One-Year Change: 284.5%</p>
<h3>15. Kenneth I. Chenault, American Express</h3>
<p>2013 Compensation: $24.4M / One-Year Change: 10.9%</p>
<h3>16. Laurence D. Fink, BlackRock</h3>
<p>2013 Compensation: $24.0M / One-Year Change: 11.6%</p>
<h3>17. Charles W. Scharf, Visa</h3>
<p>2013 Compensation: $23.4M / One-Year Change: N/A</p>
<h3>18. Brian L. Roberts, Comcast</h3>
<p>2013 Compensation: $22.6M / One-Year Change: 5.7%</p>
<h3>19. Alan Mullaly, Ford Motor</h3>
<p>2013 Compensation: $22.5M / One-Year Change: 11.2%</p>
<h3>20. Trevor Fetter, Tenet Healthcare</h3>
<p>2013 Compensation: $22.4M / One-Year Change: 146.4%</p>
<p>Among the lowest-paid CEOs are company founders John Mackey of Whole Foods Market, Richard Kinder of Kinder Morgan Inc., and Larry Page of Google, who each earned "effectively nothing."</p>
<p>See the Wall Street Journal's <a href="http://online.wsj.com/articles/ceo-pay-rises-moderately-a-few-reap-huge-rewards-1401235102?mod=WSJ_hp_RightTopStories&amp;cb=logged0.8643125495873392">full report here</a>.</p>

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Jane Lauder is departing Estée Lauder, taking her out of the race to lead the company her grandmother founded

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