Estée Lauder Cos. has named William Lauder, the grandson of the company’s founder Estée Lauder, as chief executive. The appointment takes effect July 1.

Lauder, 43, replaces Fred Langhammer, who will retire as CEO and director, but will assume the newly created position of chairman, global affairs. Langhammer, who took the chief executive role in 2000, was the only CEO in the company’s history who was not a Lauder.

The move had been expected after William Lauder assumed the position of COO in January 2003.

In 1946, Joseph and Estée Lauder founded Estée Lauder in New York City with four products: Creme Pack, Cleansing Oil, All Purpose Creme and Skin Lotion.

Estée Lauder Cos. has named William Lauder, the grandson of the company’s founder Estée Lauder, as chief executive. The appointment takes effect July 1.

Lauder, 43, replaces Fred Langhammer, who will retire as CEO and director, but will assume the newly created position of chairman, global affairs. Langhammer, who took the chief executive role in 2000, was the only CEO in the company’s history who was not a Lauder.

The move had been expected after William Lauder assumed the position of COO in January 2003.

In 1946, Joseph and Estée Lauder founded Estée Lauder in New York City with four products: Creme Pack, Cleansing Oil, All Purpose Creme and Skin Lotion.