(Reuters) – Estee Lauder said on Monday its long-time CEO Fabrizio Freda had decided to retire from the cosmetic giant next year.

Shares of the MAC lipstick maker were up 1% in premarket trading.

Freda joined Estee in 2008 as president and chief operating officer and was later named the MAC lipstick maker’s CEO.

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

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

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

The company’s results are due later on Monday.

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Alan Barona)