The Estée Lauder Companies announced on Tuesday the appointment of Akhil Shrivastava as executive vice president and chief financial officer (CFO). Shrivastava, who will report to William P. Lauder, executive chairman, and Fabrizio Freda, president and CEO, will officially begin his role on November 1. He succeeds Tracey Travis, who will stay with the company until her retirement on June 30, 2025, to ensure a smooth transition.
Shrivastava brings over 25 years of financial and leadership experience to his new role. Freda praised Shrivastava’s capabilities, stating, “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. He will be instrumental in driving forward our strategic direction and decisions. I look forward to partnering with Akhil as we continue to rebuild stronger, more sustainable profitability and sales growth acceleration across the business.”
Having joined Estée Lauder in 2015, Shrivastava has held several key finance roles, most recently serving as senior vice president and corporate controller. He also oversees the Operational Excellence pillar, focusing on inventory, cash, and cost improvements for the company. Before joining Estée Lauder, Shrivastava spent 18 years at Procter & Gamble, holding various finance and leadership roles across Asia, North America, and global businesses, including finance director for Gillette, North America.
In a statement, Shrivastava expressed his enthusiasm for his new role: “With its leading portfolio of iconic brands, extensive global reach, and impressively talented people, I am honored to lead the global finance team. 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.”
According to Estée Lauder’s financial report for the third quarter of fiscal year 2024, the group achieved net sales of $3.94 billion in the third quarter ending March 31, representing a 5% year-over-year increase. Organic net sales grew by 6%. The company’s net profit was $330 million, compared to $156 million in the same period last year.
