Estee Lauder 2004 Annual Report Download - page 13

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Fred’s contributions to our Company have been monumental. He joined our Company in Japan in 1975 and
was my partner in building this business, taking the Company public and acquiring so many outstanding brands.
Most recently, Fred has done a marvelous job leading our Company during a challenging period of political
and economic uncertainty. He worked with our Board of Directors as they sought his successor and he has
enthusiastically endorsed their selection of William P. Lauder as President and Chief Executive Officer. The Board
of Directors, our colleagues around the world and the Lauder family join me in thanking Fred Langhammer for his
vision, his passion, his integrity and his friendship.
We are fortunate that Fred has agreed to take on the new role of Chairman, Global Affairs. In this capacity,
Fred will leverage his extraordinary knowledge of the global marketplace and deep relationships around the
world to the Company’s advantage.
I am delighted, and of course proud, to see William Lauder become Chief Executive Officer. One of our greatest
competitive assets is the ability to operate as a world-class public Company and keep the spirit of the family
alive for all our employees. I know that William will hold true to the traditions created by Mrs. Estée Lauder and
enhanced by Fred Langhammer during his distinguished service as our Chief Executive Officer.
CONCLUSION
Each section of this letter starts with the word “new.” Our business demands new ideas, new products, new
servicing skills and new opportunities for growth. I am confident that we will continue to find the newest, hottest,
greatest next thing to continue our historic growth.
I am deeply grateful to my colleagues at The Estée Lauder Companies for once again extending our leadership
position in the industry and bringing the very best to our consumers.
We have a bright and exciting future ahead of us.
Sincerely,
Leonard A. Lauder
Chairman
11
FRED’S CONTRIBUTIONS TO OUR COMPANY
HAVE BEEN MONUMENTAL...WE ARE FORTUNATE
THAT FRED HAS AGREED TO TAKE ON THE
NEW ROLE OF CHAIRMAN, GLOBAL AFFAIRS.