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- Estee Lauder Companies Inc EL shares are up Monday premarket following reports that billionaire Nelson Peltz is planning an overhaul of the company, including ousting of the CEO and a sale of the company.
- It is unclear whether the activist investor has acquired shares in the cosmetics giant, reported New York Post.
- Sources are likely to have revealed that Pelts is considering gathering a shareholder campaign against the CEO, Fabrizio Freda.
- “A number of directors and institutional investors think the CEO has lost his touch,” the report quoted a source close to the situation. “They are now recruiting shareholder activists.”
- Estee Lauder reported a Q3 sales decline of 12% Y/Y to $3.75 billion.
- Shares plunged following the results as the company’s performance was hit by pressures affecting its Asia travel retail business.
- Also Read: Nelson Peltz Made Over $150M Profit In His Proxy Battle Against Walt Disney In Three Months
- Price Action: EL shares are trading higher by 3.87% at $211.42 premarket on the last check Monday.
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