09.28.23
The Estée Lauder Companies, the owner of beauty brands Clinique, MAC Cosmetics, and Tom Ford, has revealed its latest executive pay packages for the fiscal year 2023.
The decrease was mainly due to 50,429,620 stock awards he received in 2021. His base salary remained at $2.1 million for the second year in a row.
The company backed Freda in an internal memo earlier this year after speculation that he could be on his way out amid pressure from a billionaire investor.
Executive Group President Jane Hertzmark Hudis' total pay package comes in at $7.2 million, down from $11.6 million in 2022, while Group President of International Peter Jueptner is also set at $7.2 million.
The recent decrease in pay packages suggests that the company could be responding to shareholder pressure to rein in executive compensation. In fiscal 2023, the company’s net sales for the full year declined 10% to $15.91 billion.
Fabrizio Freda
President and CEO Fabrizio Freda's total pay package fell to $21.8 million, down from $25.48 million in 2022 and $65.9 million in 2021. Some of this will be made up of stock options.The decrease was mainly due to 50,429,620 stock awards he received in 2021. His base salary remained at $2.1 million for the second year in a row.
The company backed Freda in an internal memo earlier this year after speculation that he could be on his way out amid pressure from a billionaire investor.
Other Leadership
Other executive pay packages also fell in fiscal 2023. Executive Chairman William P. Lauder's total pay package is set to come in at $7.8 million, down from $9.6 million in 2022, while Executive Vice President and CFO Tracey T. Travis' package totals $8.3 million, lower than $14 million in 2022.Executive Group President Jane Hertzmark Hudis' total pay package comes in at $7.2 million, down from $11.6 million in 2022, while Group President of International Peter Jueptner is also set at $7.2 million.
The recent decrease in pay packages suggests that the company could be responding to shareholder pressure to rein in executive compensation. In fiscal 2023, the company’s net sales for the full year declined 10% to $15.91 billion.
