Estee Lauder Cos. Chief Financial Officer Richard W. Kunes plans to retire in 2013 and the beauty-products company is considering internal and external candidates as his successor.
Kunes, a 25-year veteran of the company, plans to remain finance chief until June 30, 2012, after which he will work on special projects through June 30, 2013, as executive vice president and senior adviser to the chief executive.
"As CFO, Rick has been an important member of our leadership team and has been instrumental in helping our company reach record financial highs," said Executive Chairman William P. Lauder. "Through his leadership and expertise, Rick instilled the financial discipline that has helped us achieve our industry leadership position."
The company--which owns Clinique, Origins, Smashbox as well as its namesake brand--reported last week its fiscal fourth-quarter earnings rose 72% on better sales in nearly every category and geography, benefitting from new product launches, increased advertising and improved confidence among high-end consumers.
This story originally appeared on Dow Jones Newswires.