By and  on March 26, 2009

After 16 months of anticipation, Fabrizio Freda has been named president and chief executive officer of the Estée Lauder Cos. Inc., effective July 1, following a board vote on Wednesday.

As expected, he will succeed William P. Lauder, 48, who will move up to executive chairman, taking the place vacated by his father Leonard A. Lauder, 75, who will become chairman emeritus.

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