Estée Lauder Companies’ long time President and CEO Fabrizio Freda has seen his total pay packet drop US$44m since 2021.
According to a statement filed by the Clinique and MAC owner with the US Securities and Exchange Commission, Freda earned $21.8m for the fiscal year 2023.
This was down from $25.48m in 2022 and $65.9m in 2021.
These figures are largely made up of stock options, whose full value might never be realised.
The decrease in Freda’s total package was due to in excess of 50 million stock awards he received in 2021.
His 2023 base salary remained at $2.1m for the second year in a row.
Freda has served as President and CEO of ELC since 2009.
In May, The New York Post reported that billionaire activist investor Nelson Peltz, the CEO of Trian Fund Management, was considering mounting a shareholder campaign to oust Freda, citing sources close to the situation.
However, CNBC TV personality and former hedge fund manager Jim Cramer disputed the New York Post’s story soon after.
Other ELC leads also saw dips in total pay.
Executive Chairman William P Lauder’s total in fiscal 2023 was $7.8m, dropping from $9.6m in 2022.
Executive Vice President and CFO Tracey T Travis’ package for this year was $8.3m, lower than $14m in 2022.
