Estée Lauder has announced that Tracey Travis would be stepping down and retiring from her 12-year role as the MAC lipstick maker's finance chief, effective 30 June 2025.
The company said a successor for Travis has been identified and will be named in the coming weeks. Travis will work closely with this person to ensure a smooth and successful transition, it added.
Fabrizio Freda, president and chief executive officer, commented, “Tracey has been an invaluable business partner and a trusted advisor to me, our executives and board of directors, as well as a mentor and role model to many across our organisation.
“She has built and led a robust, integrated global finance and strategy organisation that has served as a valued business partner across the company and has helped to optimise delivery of our financial plans.”
Tracey Travis
Travis, who has been Estée Lauder's CFO since Aug. 2012, had joined the company from Ralph Lauren, where she served as finance chief for over seven years.
Under her leadership, Estée Lauder has significantly strengthened financially, made extensive investments in innovation and digital transformation, and also made several acquisitions of companies including Tom Ford and Deciem, among others.
"Tracey has been instrumental in growing Estée Lauder from a $24 billion market cap company in 2012 to over $135 billion at peak," Jefferies analyst Ashley Helgans said in a note.
"A fresh set of eyes on the business could be beneficial given the recent volatility and would allow for the company to reset the growth algorithm," Helgans added.
The company had lowered its annual organic sales estimate in May on persistent softness in mainland China's prestige beauty space, even as a demand rebound for its pricey items in the US and Asia-Pacific markets drove a profit forecast raise.
News by Reuters, additional reporting by ESM.
