By Chelsea Stevenson
Estee Lauder Cos. (EL) confirmed naming Ralph Lauren Corp.'s
(RL) chief financial officer Tracey T. Travis as its own financial
chief to replace retiring Richard W. Kunes.
The Wall Street Journal reported the appointment Wednesday,
citing a person familiar with the matter.
Mr. Kunes has been at the company for 26 years and plans to
assist Ms. Tracey as senior adviser, particularly during a
transition period and on special projects, beginning Aug. 20.
Ms. Travis has been at premium lifestyle brand Ralph Lauren
since 2005. Previously she served as CFO for Limited Brands Inc.
(LTD) and spent a decade at PepsiCo Inc. (PEP) and its bottling
group.
"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," Chief
Executive Fabrizio Freda said.
Estee Lauder is a manufacturer and marketer of quality skin
care, makeup and hair care products, which are sold in over 150
countries. Its third-quarter, which ended in March, saw earnings
rise 5% on strong sales growth in all regions. It gave
weaker-than-expected views for its fourth-quarter profit guidance,
from plans to increase advertising spending.
Shares are up 0.7% to $53.25. The stock has fallen 15% in the
past three months.
Write to Chelsea Stevenson at chelsea.stevenson@dowjones.com
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