Estée Lauder Cos. is going through a significant leadership change as the Lauder family members step down from their daily roles. This is the first time in 75 years that the company will operate without a family member in management.

The company's decision to withdraw its guidance for the fiscal year has resulted in a record drop in shares. The reasons cited for this decision include increased uncertainty in business operations in China and the upcoming plans of the new CEO, who will take over in January. Investors have expressed concerns about the management's understanding of the company's direction, as Estée Lauder has consistently revised its guidance downward over the past two years.