NEW YORK -Thursday 28 October 2021 [ AETOS Wire ]
(BUSINESS WIRE)-- Today, The Estée Lauder Companies (NYSE:EL) (“ELC”) announced that after 27 years with the company, Cedric Prouvé, Group President, International, has made the decision to retire effective June 30, 2022. The successor to Cedric’s role will be announced shortly, and Cedric will partner with this individual starting in February 2022 to support a smooth and successful transition.
A visionary and highly-respected global leader, Cedric has, alongside his outstanding global teams, led ELC’s winning international business – including all sales and profits outside of North America, all activities of sales affiliates and distributor relationships worldwide, as well as the Travel Retail business – since 2003. Throughout his exceptional career, Cedric has been instrumental in elevating and operationalizing the company’s global network of Region Presidents and Affiliate General Managers, and has collaborated closely with Group and Brand Presidents and Function Leaders to integrate global marketing strategies in international markets.
Under Cedric’s leadership, ELC’s international business has grown significantly since 2003 – from approximately 43% of the business to approximately 77% of the business in fiscal year 2021. During his tenure, the company’s international organization has expanded to over 35 affiliates doing business in 150+ countries and territories across our international footprint, with strategic investments in talent, third-party relationships, and innovation pipelines in established and emerging markets.
“In a rapidly-changing industry, Cedric’s strategic vision, inspiring leadership style and unique team-building abilities have been integral to the success of ELC’s International business, and we are well-positioned for future growth,” said Fabrizio Freda, President and Chief Executive Officer. “I have greatly enjoyed my close partnership with Cedric over the years, and I would like to thank him for leading our International organization with a great blend of enthusiasm, thoughtfulness, and most especially, kindness. His positive energy, dynamic style, caring nature and deep international expertise will be truly missed.”
Among Cedric’s many accomplishments, he played a key role in establishing the company’s International structure, helping to develop and implement ELC’s successful regional and affiliate framework. Within that structure, he has built a diverse team of outstanding global and local experts, nurturing deep and lasting relationships with Region Presidents and Affiliate General Managers around the world, and fostering close ties with key global retailers and commercial partners.
During his tenure, Cedric sponsored many enterprise-wide initiatives and strategic transformational priorities to help ensure the company is building the right capabilities in the Asia/Pacific (APAC) Region and in China, its second home market. From the earliest days of this strategic work, Cedric helped to shape the value chain proposition that ultimately resulted in the implementation of ELC’s new Shanghai Innovation Center and its Japan-based manufacturing facility, both of which will be instrumental in continuing to position the company for long-term growth in the region and globally.
Since joining ELC in 1994, Cedric’s career trajectory has included leadership roles spanning regions, affiliates and business areas. He joined the company as General Manager (GM) for Travel Retail in the APAC Region, and soon thereafter added the responsibility of GM for the Singapore affiliate. He also served as Vice President, GM, Travel Retail Worldwide, navigating a wide range of challenges while proactively managing opportunities arising from the introduction of new brands and specialized marketing programs for the Travel Retail channel. Prior to his promotion to Group President, International, Cedric was the President and GM of the Japan affiliate.
“Throughout his career, Cedric’s keen ability to lead with our company values and foster meaningful partnerships across the enterprise has led to significant contributions across the business, while also enriching our company’s culture,” said William P. Lauder, Executive Chairman. “We have all benefitted from Cedric’s strategic insights and his candid and charismatic communication style. On behalf of the company and the Lauder family, I would like to wish Cedric the very best in his well-deserved retirement.”
About The Estée Lauder Companies Inc.
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. The Company’s products are sold in approximately 150 countries and territories under brand names including: Estée Lauder, Aramis, Clinique, Lab Series, Origins, Tommy Hilfiger, M·A·C, La Mer, Bobbi Brown, Donna Karan New York, DKNY, Aveda, Jo Malone London, Bumble and bumble, Michael Kors, Darphin Paris, TOM FORD BEAUTY, Smashbox, Ermenegildo Zegna, AERIN, 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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View source version on businesswire.com: https://www.businesswire.com/news/home/20211026005441/en/
Contacts
Investors: Rainey Mancini
rmancini@estee.com
Media: Jill Marvin
jimarvin@estee.com
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