(Bloomberg) -- Cosmetics giant Estée Lauder Cos. said that Tracey Travis will retire as the company’s chief financial officer next year, with a successor to be named in the coming weeks.
She’ll step down from her roles as CFO and executive vice president starting June 30, 2025, the company said in a statement. Travis, who is 62 and has worked at Estée Lauder for more than 12 years, will work closely with the next CFO “to ensure a smooth and successful transition,” according to the company.
Estée Lauder’s stock has fallen almost 50% in the last 12 months as the company has lowered its revenue outlook because of weak demand for its items in duty-free shops in Asia, a crucial part of its business. The performance has ramped up pressure on Chief Executive Officer Fabrizio Freda, who has vowed to steer the company through a recovery.
As recently as last year, Travis was seen as a potential successor to Freda for the top job at the New York-based company.
©2024 Bloomberg L.P.
