2023-05-07 21:05:46 ET
- Billionaire and activist investor Nelson Peltz is said to be looking to engineer a shakeup at Estee Lauder ( NYSE: EL ), including the removal of CEO Fabrizio Freda.
- Peltz appears to be evaluating pursuing a shareholder campaign to remove Freda, according to a NY Post report, which cited people familiar. Peltz may also be looking ultimately for an eventual sale of the $72 billion cosmetics giant.
- It wasn't immediately known if Peltz had acquired shares in Estee Lauder ( EL ), according to the NY Post report. Peltz declined to comment when reached by the publication.
- French luxury company LVMH ( OTCPK:LVMHF ) has signaled in the past to the company’s controlling Lauder family it would be interested in buying Estee Lauder ( EL ) if it was ever for sale, the NY Post said, citing people familiar with the talks.
- The possible Peltz activist campaign comes after Estee Lauder ( EL ) shares plunged 17% on Wednesday after the cosmetics company slashed its full-year guidance. The guidance cut was due in a large part to weakness in the Asia travel market.
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Activist Nelson Peltz said to be targeting Estee Lauder - report