Estée Lauder has announced the appointment of Akhil Shrivastava as Executive Vice President and Chief Financial Officer, effective November 1, 2024. Shrivastava steps into this role following the retirement of Tracey Travis, who has held the position since 2012. Travis will remain with the company until June 30, 2025, to aid in the transition.

Akhil Shrivastava previously served as Senior Vice President and Corporate Controller and joined Estée Lauder in 2015, bringing with him a wealth of experience from 18 years at Procter & Gamble. His appointment comes at a crucial juncture for Estée Lauder, as the beauty giant continues to face challenges in recovering from the post-pandemic market environment, particularly in China.

Despite a return to net sales growth in the third quarter of 2024, where the company upgraded its full-year profit forecast, concerns linger among investors due to sluggish growth figures in China. The company has announced layoffs and implemented measures aimed at regaining profitability and restoring investor confidence.

As Shrivastava takes the helm of the financial operations, his leadership will be instrumental in navigating these turbulent waters. His understanding of corporate finance and operational efficiency will be critical as Estée Lauder seeks to strengthen its market presence and adapt business strategies to meet consumer demands. This leadership change signals a pivotal moment for one of the most prominent players in the beauty industry, as it realigns its financial strategies for sustainable growth.