The Estée Lauder Companies Inc. announced the appointment of Tracey T. Travis as its new executive vice president and CFO, assuming her new position on Aug. 20, 2012.
Travis brings a wealth of global financial experience to the role, having worked for a number of Fortune 500 consumer product companies in a variety of industries during her career. Since 2005, she has been senior vice president and CFO of Ralph Lauren Corporation, responsible for its global finance, internal audit, treasury, tax, business development, investor relations and global IT. Before Ralph Lauren, Travis was senior vice president of finance and CFO of Intimate Brands for Limited Brands, Inc. from 2001 to 2004. She also spent a decade at PepsiCo Inc. and the Pepsi Bottling Group, where she held operations management and finance roles. She began her career as an engineer and a senior financial analyst at General Motors Co.
Travis will succeed Richard W. Kunes, a 26-year veteran of Estée Lauder. In August 2011, Kunes announced his plans to retire and stated his intention to continue to serve as executive vice president and CFO until such time as his successor began to serve in such capacity. He will become an executive vice president, senior advisor to the CEO, working on special projects and will assist Travis during a transition period.
“We are thrilled that Tracey is joining The Estée Lauder Companies’ leadership team. Her broad background in all facets of global finance will be a tremendous asset to our growing organization,” Estée Lauder executive chairman William P. Lauder said. “I also want to thank Rick for his immeasurable contributions as CFO for the last 12 years. He’s served as a terrific advisor to me and under his tenure, the company has achieved record financial results. Among his many accomplishments, he has helped implement greater financial discipline and developed a strong team that has positioned us as the leader in global prestige beauty.”
“I am looking forward to working closely with Tracey as we continue to implement the company’s successful long-term growth and profitability improvement strategy and strive for even greater global financial successes in the years ahead,” said president and CEO Fabrizio Freda. “Tracey has valuable business experience in consumer products, luxury brands, operations and finance, and we believe her skills and background will be a terrific fit with our company and will help us continue to drive value creation for our stockholders.”
Freda added, “Rick has been an invaluable partner and his financial talents and business acumen have been instrumental in driving our strategy and performance. He has been an important member of the company’s senior leadership team, and his innumerable contributions over more than two decades have helped drive our strong financial results and position the company for a solid future.”
In her new role, Travis will be a member of several of The Estée Lauder Companies’ senior management leadership groups, including the executive leadership team, program management team, investment development committee, fiduciary investment committee and corporate risk management committee.
“I am delighted to join the Estée Lauder Companies with its outstanding global reputation, strong portfolio of brands, and incredibly talented people. I look forward to being a strategic partner with William Lauder, Fabrizio Freda, the global finance team and the rest of the organization as the company continues to successfully execute its long-term growth strategy,” she said.