07:21 AM EDT, 07/12/2024 (MT Newswires) -- Estee Lauder ( EL ) Chief Financial Officer Tracey Travis is leaving the cosmetics company after more than a decade in the role.

Travis, who joined the MAC makeup brand owner in 2012 from Ralph Lauren (RL), will retire on June 30, 2025, the company said Thursday. Estee Lauder ( EL ) has already identified a successor and plans to announce the name in the coming weeks. Travis will work with the individual to ensure a smooth transition.

Shares of the company have declined about 30% so far this year, but edged up 1.2% in Friday's premarket activity.

"Tracey has been an invaluable business partner and a trusted advisor to me, our executives and board of directors," Chief Executive Fabrizio Freda said in a statement. "She has built and led a robust, integrated global finance and strategy organization that has served as a valued business partner across the company and has helped to optimize delivery of our financial plans."

Travis' retirement decision comes amid the company's ongoing restructuring program, unveiled in February. At the time, the company said it aimed to generate $350 million to $500 million in annual gross benefits from the program, while incremental operating profit from its profit recovery plan was pegged at $1.1 billion to $1.4 billion, including net benefits from the restructuring program. The restructuring is expected to be largely completed by the end of fiscal 2026.

During a conference in June, Travis said Estee Lauder ( EL ) will give more details about how it expects the recovery to occur when it releases fiscal fourth-quarter results in August. The company's target is to have "strong gross margins," so that it can invest in advertising and in distribution expansion for its brands," Travis said during the conference.

Estee Lauder ( EL ) lowered its full-year revenue outlook in May amid continued softness in the prestige beauty category in China and evolving macroeconomic volatility, among other factors. At the time, the company expected revenue to drop between 2% and 3%, compared with its prior guidance range of 1% down to 1% up.

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