Estée Lauder names new CFO

The Estée Lauder Companies has appointed Akhil Shrivastava as its new Executive Vice President and Chief Financial Officer, replacing Tracey Travis, who announced her intention to retire earlier this month.

Shrivastava first joined the company as VP of Global Finance & Strategy for the Estée Lauder brand in 2015, later taking on the role of SVP for Jane Hertzmark Hudis’ Brand Cluster in 2019.

He was then appointed as SVP Corporate Treasurer in 2020, before being named as SVP Corporate Controller this month.

Prior to Estée Lauder, Shrivastava spent eighteen years at Procter & Gamble, where he served in several finance and leadership roles across Asia, North America, and the global businesses, including Finance Director for Gillette, North America.

"With over 25 years of extensive financial and leadership experience, Akhil is an exceptional and capable leader whose financial and strategic expertise and insights have been important in supporting the company over the past several years, and he will be instrumental in driving forward our strategic direction and decisions," said Fabrizio Freda, President and Chief Executive Officer at The Estée Lauder Companies.

"I look forward to partnering with Akhil as we continue to rebuild stronger, more sustainable profitability and sales growth acceleration across the business."

Effective from 1 November, Shrivastava will be responsible for Estée Lauder's global finance, accounting, tax, treasury, investor relations and new business development organisations.

As part of this, he will lead the company's Global Finance & Strategy organisation, continuing to "imbue agility and consumer-focus across the business" to drive sustainable value creation, governance, and strategic business objectives and priorities for the long-term.

Shrivastava will also serve as a member of several of the company's senior management leadership groups, including the Executive Leadership Team, Investment Development Committee, Fiduciary Investment Committee, and Corporate Risk Management Committee. In some cases, his membership will continue, and, in others, he will be a new member.

"With its leading portfolio of iconic brands, extensive global reach, and impressively talented people, I am honoured to lead the Global Finance & Strategy team," said Shrivastava.

"I look forward to helping to advance the company’s multiple engines of growth to rebuild stronger, more sustainable profitability and support sales growth acceleration across brands, product categories, and regions while evolving the business for the future."

The appointment comes as current EVP and CFO Tracey Travis prepares to retire next year, having held the role since 2012.

Under her guidance, Estée Lauder said it has enhanced its financial strength and flexibility, enabling the business to further invest in its long-term growth drivers, such as innovation, digital transformation, emerging markets, talent development, and M&A strategy.

It also added that Travis has played a "pivotal role" in leading and advancing the financial profile of its global brand portfolio.