Aswat Asharq Al-Awsat :

Aswat Asharq Al-Awsat : LVMH Names Cecile Cabanis Deputy CFO, to Succeed CFO in over a Year

The logo of LVMH is seen during the annual shareholders meeting of LVMH Moet Hennessy Louis Vuitton in Paris, France, April 18, 2024. (Reuters)
The logo of LVMH is seen during the annual shareholders meeting of LVMH Moet Hennessy Louis Vuitton in Paris, France, April 18, 2024. (Reuters)
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LVMH Names Cecile Cabanis Deputy CFO, to Succeed CFO in over a Year

The logo of LVMH is seen during the annual shareholders meeting of LVMH Moet Hennessy Louis Vuitton in Paris, France, April 18, 2024. (Reuters)
The logo of LVMH is seen during the annual shareholders meeting of LVMH Moet Hennessy Louis Vuitton in Paris, France, April 18, 2024. (Reuters)

The world's largest luxury group LVMH has recruited Cecile Cabanis as deputy finance director, part of a year-and-a-half long succession plan to replace CFO Jean-Jacques Guiony.

Cabanis, who was formerly CFO of Danone, joins from Tikehau Capital, where she has been deputy chief executive officer for the past three years.

"Succession planning for key positions is a strategic priority for the LVMH Group," the company said in a statement.

Guiony, 62, has worked at LVMH for two decades, starting out as deputy financial director in 2003 and becoming CFO the following year.

The executive oversaw the group's largest acquisitions in recent years, including jewelers Bulgari and Tiffany.

The new recruitment comes amid a number of management reshuffles in recent months, including the promotion of Stephane Bianchi.

Chairman and CEO Bernard Arnault, 75, has shown no signs of stepping back, even as his five children, who all hold top management positions, rise up the ranks of the sprawling luxury empire.



Aswat Asharq Al-Awsat : Estee Lauder's Longtime CFO Travis to Depart Next Year

An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
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Estee Lauder's Longtime CFO Travis to Depart Next Year

An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)

Estee Lauder said on Thursday that Tracey Travis would be stepping down and retiring from her 12-year role as the MAC lipstick maker's finance chief, effective June 30, 2025.

The company said a successor for Travis has been identified and will be named in the coming weeks. Travis will work closely with this person to ensure a smooth and successful transition, it added.

Travis, who has been Estee Lauder's CFO since Aug. 2012, had joined the company from Ralph Lauren, where she served as finance chief for over seven years.

Under her leadership, Estee Lauder has significantly strengthened financially, made extensive investments in innovation and digital transformation, and also made several acquisitions of companies including Tom Ford and Deciem, among others.

"Tracey has been instrumental in growing Estee Lauder from a $24 billion market cap company in 2012 to over $135 billion at peak," Jefferies analyst Ashley Helgans said in a note earlier on Thursday.

"A fresh set of eyes on the business could be beneficial given the recent volatility and would allow for the company to reset the growth algorithm," Helgans added.

The company had lowered its annual organic sales estimate in May on persistent softness in mainland China's prestige beauty space, even as a demand rebound for its pricey items in the US and Asia-Pacific markets drove a profit forecast raise.

Shares of Estee Lauder, which have dropped more than 30% this year, were marginally up in after-hours trading.