The Estée Lauder Cos. Inc said today that Tracey T. Travis has been named executive vice president and chief financial officer of the corporation, confirming a report in the July 19 issue of WWD.
Travis, who will assume her new position on August 20, replaces the retiring Richard W. Kunes, who said in August 2011 that he would retire from his current role on June 30, 2012, at the end of Lauder’s fiscal year. Kunes has been named executive vice president and senior advisor to the chief executive officer, and will work on special projects after assisting Travis through the transition.
In her new role, Travis will report jointly to William Lauder, executive chairman, and Fabrizio Freda, president and ceo.
Travis most recently was senior vice president and chief financial officer of the Ralph Lauren Corp., where she oversaw global finance, internal audits, treasury, tax, business development, investor relations and global information technology. Before joining Ralph Lauren, Travis was senior vice president of finance and chief financial officer of intimate brands for Limited Brands Inc.
“[Tracey’s] broad background in all facets of global finance will be a tremendous asset to our growing organization,” Lauder said. “I also want to thank Rick for his immeasurable contributions as cfo for the last 12 years. 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.”
Added Freda: “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. 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.”
In her new role, Travis will be a member of Lauder’s executive leadership team, program management team, investment development committee, fiduciary investment committee and corporate risk management committee.