Fabrizio Freda, CEO of Estee Lauder, to step down By Reuters

(Reuters) – Estee Lauder (NYSE: ) said Monday its longtime CEO Fabrizio Freda has decided to retire from the cosmetics giant next year.

Shares in lipstick maker MAC rose 1 percent in premarket trading.

Freda joined Estee in 2008 as president and chief operating officer, and was later named CEO of lipstick maker MAC.

Estee said the board is considering internal and external candidates as part of CEO succession planning.

Until a successor is named, Freda will continue to lead and oversee the company’s strategic, financial and investment priorities, Estee said.

Estee has cut its global workforce and is trying to shore up its margins as part of a turnaround plan.

The company’s results are announced later on Monday.