NEW YORK — The top executives of The Estée Lauder Cos. Inc. enjoyed increases in salary and bonus for fiscal year 2004, according to Securities and Exchange Commission documents filed this week.
William P. Lauder, who was chief operating officer of the company in 2004, received a 15.6 percent increase in salary to $1.3 million, up from $1.1 million in 2003, according to a proxy statement filed with the SEC on Wednesday. His 2004 bonus rose by 14.6 percent to $1.8 million from $1.5 million in 2003.
Lauder was promoted to president and chief executive officer of New York-based Estée Lauder, effective July 1, the date the company began its current fiscal year. He will receive a base salary of $1.5 million annually until June 30, 2007, according to a Form 8-K filed Tuesday. That’s an increase of 15.4 percent from his salary as chief operating officer. Lauder’s planned bonus payout will be $2 million each year.
Fred H. Langhammer, president and chief executive officer of the company in the last fiscal year, brought in a salary of $2 million, up 5.3 percent from 2003. He had a bonus of $3 million, an increase of 3.4 percent from the prior year.
Leonard A. Lauder, chairman of the board, had a salary of $1.8 million, also up 5.3 percent from 2003. Lauder’s annual bonus increased 3.4 percent to $1.8 million.
— Meredith Derby
This story first appeared in the September 24, 2004 issue of WWD. Subscribe Today.