Isn’t it beautiful?

Cosmetics giant Estee Lauder (EL)has handed its former CEO a lucrative consulting contract, according to an exhibit in the company’s recent K, one that appears to renew in perpetuity. Fred Langhammer, 60, who also resigned as a board member on June 30, will receive $500,000 a year to serve as Chairman, Global Affairs, a new position. The contract notes that the money is payable quarterly, in advance. In exchange, Langhammer will be expected to work 50 days a year. Anything over 50 days, and he’ll receive an additional $5,000 a day. Though the contract is somewhat vague on Langhammer’s exact responsibilities in this new role, he will be expected to make two trips a year to both Asia and Europe, with all “air travel, land arrangements and business related entertainment provided and/or reimbursed in a manner consistent to that offered to other senior executives”. The consulting contract also notes that the company will pay for Mrs. Langhammer’s travel-related expenses when “her accompanient is appropriate and convenient to her schedule.” The company will also provide office space and administrative support during the two year contract, which automatically renews each July unless the company or Langhammer decides to terminate the agreement. Chances of that happening? Probably about the same as finding Clinique or MAC at your local Wal-Mart.