Estee Lauder 2004 Annual Report Download - page 14

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Dear Friends:
At the close of fiscal 2004, I proudly passed the baton to my successor as President and Chief Executive Officer,
William P. Lauder. He has worked closely with me over the last few years and has been a key participant
in formulating strategy and directing the Company. His particular focus on two major factors for success —
building brands and developing talent — is already having an impact. No doubt in his new role, he will lead
The Estée Lauder Companies to new heights.
My years at The Estée Lauder Companies have been tremendously rewarding. I would like to extend my
appreciation to all of our talented employees for inspiring me with their creativity, commitment and passion.
It has been my honor and privilege to work alongside them and to serve as their CEO.
I also would like to recognize and thank our Chairman, Leonard Lauder, who has been my guiding force and
mentor for the past 30 years. I thank the entire Board of Directors for advising us so insightfully through
yet another successful, productive and profitable year. And, finally, I thank each of our stockholders for their
confidence in the strength of our Company and its prospects for growth and value creation.
Sincerely,
Fred H. Langhammer
12
FRED H. LANGHAMMER