Estee Lauder 2002 Annual Report Download - page 8

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7
These Directors advise a senior management team that has my greatest respect and admiration. In
Fred Langhammer, we have a chief executive who combines intelligence, discipline, collegiality, energy and
vision. He and our group presidents — Dan Brestle, Patrick Bousquet-Chavanne, William Lauder, Philip Shearer
and Ed Straw—bring collectively over 100 years of industry and company experience to their jobs. They are
young “old-timers” in the best sense of the word. They have the wisdom and reflexes of professionals who know
our business’ culture, yet they are always receptive to new ideas.
They also share my belief that ours should be an organization with the discipline of a public company and the soul
of a family business — where everyone is family. Years ago, before books were published on the “Tao” of leadership,
our founder, Estée Lauder, wrote that success is based on the ability of leaders to break down barriers, share
credit, bring humanity to their businesses and touch the personality in each person who works for them.
That is the work environment we cultivate, and it is the work environment that attracts and retains the best talent
in the business. It is not enough, however, to be smart. We want employees who have a talent for teamwork and
a commitment to the collective vision and standards of our company. As I travel around the world, I often think
I can pick out our employees: They project a special sense of purpose and energy.
We work to recharge their batteries throughout their careers. Our employees regularly revitalize our business.
They fuel our growth through continuous innovation in all brands and categories while we enjoy one of the
highest employee retention rates in the industry.
OURS SHOULD BE AN ORGANIZATION WITH THE DISCIPLINE
OF A PUBLIC COMPANY AND THE SOUL
OF A FAMILY
BUSINESS —WHERE EVERYONE IS FAMILY.
Newproduct introductions like Advanced Night Repair Eye Recovery Complex, which helps repair and protect
the appearance of the delicate skin around the eye, also replenish and protect our income stream. Such a product
employs patented technologies, resulting from work done at our labs and elsewhere. And while our ads regularly
feature exquisite faces, I would suggest that some of our most beautiful faces are those of employees from our
R&D facility, pictured in this report.
Ours is a business in which manager, employee, customer and stockholder have reason for pride and trust,
in which we truly bring out the best in everyone we touch.
Pride in our accomplishments as a shared legacy is a powerful motivator when it comes to meeting and exceeding
present and future goals — particularly in tough times.
We thank you for continuing to trust us with your investment. We thank you for being part of the Lauder family.
Sincerely,
Leonard A. Lauder
Chairman of the Board