BUSINESS-ECONOMY
Estee Lauder announced on Thursday that Tracey Travis, the Company's Chief Financial Officer for the past 12 years, will step down and retire effective June 30, 2025. Estee Lauder announced on Thursday that Tracey Travis, the Company's Chief Financial Officer for the past 12 years, will step down and retire effective June 30, 2025. Estee Lauder confirmed a successor has been identified and will be named in the coming weeks. Travis will work closely with the new CFO to ensure the transition is as seamless as possible, it added. Travis joined Estee Lauder in August 2012 from her seven-plus years as CFO at Ralph Lauren. Under her leadership, Estee Lauder acquired companies such as Tom Ford and Deciem, strengthening its financial position while investing heavily in innovation and digital transformation. "Tracey has been instrumental in growing Estee Lauder from a $24 billion market cap company in 2012 to over $135 billion at peak," Jefferies analyst Ashley Helgans said in a note earlier on Thursday. "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 slashed its annual organic sales forecast in May on continued weakness in mainland China's prestige beauty market. However, it increased the profit outlook due to the rise in demand for luxury products in the United States and Asia-Pacific. Estee Lauder shares, down over 30 per cent so far this year, edged higher in after-hours trading. Travis's leaving the company brings to an end an important epoch for Estee Lauder and leaves a legacy of huge buildup in terms of financial strength and strategic investments done by the company. It is now gearing itself up for this change amid being caught in a mire of challenges in the current market and looks forward to new leadership to help it in its future course of growth. None
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