Estée Lauder CFO to retire in 2013
NEW YORK — The Estée Lauder Companies announced that Richard Kunes, EVP and CFO, plans to retire effective on or about June 30, 2013. Kunes intends to continue to serve the company as CFO until June 30, 2012, or such earlier time as his successor begins to serve as CFO. Thereafter, he will continue his relationship with the company as EVP, senior advisor to the CEO, and work on special projects through June 30, 2013. The company will begin to assess internal personnel as well as external candidates for CFO. Kunes will work closely with his successor as needed to ensure a smooth and orderly transition until his retirement.
“I admire Rick’s long-standing commitment to The Estée Lauder Companies and on behalf of the company, I am thankful for his contributions and efforts,” said William Lauder, executive chairman. “As CFO, Rick has been an important member of our leadership team and has been instrumental in helping our company reach record financial highs. Through his leadership and expertise, Rick instilled the financial discipline that has helped us achieve our industry leadership position. I am sorry to see Rick leave us, but regrettably I understand his choice to retire and spend more time with his family.”
Kunes joined the company in 1986 as international manufacturing controller. Since then, he served in increasingly important roles at the company, including regional finance director for Asia, VP operations finance worldwide and corporate controller until his appointment to CFO in 2000. As CFO, he is responsible for the finance functions, including internal and external reporting, treasury, taxation, risk management, operations finance and investor relations. In addition, Kunes is responsible for the corporate strategic planning and mergers and acquisitions department and the global information systems group, as well as the administrative aspects of the internal control department. He is also chairman of the fiduciary investment committee.