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1 Oct

Estée Lauder Reveals 2023 Executive Pay  – WWD

The most recent executive pay packages at The Estée Lauder Cos., owner of Clinique, MAC Cosmetics, Tom Ford and plenty of more brands, have been revealed.

First up, president and chief executive officer Fabrizio Freda’s total pay package for the fiscal 12 months 2023 is $21.8 million, compared with $25.48 million in 2022 and $65.9 million in 2021, in keeping with filings with the Securities and Exchange Commission. A few of this can be made up of stock options, the total value of which could never be realized resulting from fluctuations in stock prices and vesting schedules.

The decrease in the overall package was mainly resulting from 50,429,620 stock awards he received in 2021. His base salary remained at $2.1 million for the second 12 months in a row.

There had been speculation earlier this 12 months that Freda could possibly be on his way out amid pressure from a billionaire investor, but this never transpired and the corporate backed its CEO in an internal memo.

Elsewhere, executive chairman William P. Lauder’s total pay package is ready to are available in at $7.8 million, down from $9.6 million in 2022 and executive vp and chief financial officer Tracey T. Travis’ package totals $8.3 million, lower than $14 million in 2022.

Then, Jane Hertzmark Hudis, executive group president’s total pay package is available in at $7.2 million, down from $11.6 million in 2022, while Peter Jueptner, group president of international, can be set at $7.2 million.

In August, The Estée Lauder Cos.’ full-year forecasts fell in need of Wall Street estimates as the corporate’s struggles to regain footing within the Asia travel market proceed, despite a greater than expected set of fourth-quarter results.

Lauder, which has a much greater travel retail business than a few of its competitors, has seen Asia travel retail pressured by the slower-than-anticipated recovery from the COVID-19 pandemic, especially in the favored vacation resort area Hainan. This in turn led its overall global travel business’ organic sales to slip 34 percent in its 2023 fiscal 12 months. At the identical time, U.S. sales have yet to climb back to pre-pandemic levels, while its California brands — Smashbox, Too Faced and Glamglow — have all initiated layoffs previously 12 months as those businesses face challenges.

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