Estée Lauder CEO ‘Not Going Anywhere’ Despite 40% Drop in Shares

The chief executive officer of Estée Lauder Cos. defended his tenure at the helm of the beauty company and said his turnaround plan is already on the way to recovering lost profitability and generating more buzz about its brands.

“I’m not going anywhere,” CEO Fabrizio Freda said in an interview with Bloomberg News. “I’m very committed to take this company through the recovery.”

Freda laid out the latest part of his strategy on Monday, announcing that Estée Lauder was cutting as many as 3,000 positions, or about 5% of its global staff, to trim costs and boost profit. Shares closed ...