Coty CEO Steps Down, Searches for Successor
Coty Inc. announced that Chief Executive Officer Michele Scannavini has stepped down from his role at the company for personal reasons and resigned from Coty's Board of Directors. Coty's Chairman Bart Becht will become interim CEO, working with Coty's Executive Committee to ensure a smooth transition and oversee major decisions at the company. The company intends to commence a search process for Scannavini's permanent successor immediately. Becht will remain as Chairman of the company once a permanent successor has been appointed.
"I want to thank Michele for his many contributions during his career at Coty," said Becht. "Michele has been a material part and key contributor to Coty's success over the past decade. We would like to thank him in particular for taking Coty public through a listing on the New York Stock Exchange and developing a clear strategy for Coty's future. We will miss Michele's professionalism and humanity; we wish him the very best as he moves on to the next phase of his career."
Becht joined the Coty Board of Directors as Chairman in 2011. From 1999 to 2011, he served as chief executive officer of Reckitt Benckiser plc, a leading global consumer goods company in the field of household cleaning and health and personal care. Mr. Becht also held a variety of marketing, sales and finance positions at The Procter & Gamble Company. He earned a Masters of Business Administration from the University of Chicago Booth School of Business and a Bachelor of Arts in Economics from the University of Groningen in the Netherlands.
Becht added, "Coty is a great company and leader in the Global Beauty industry thanks to its extraordinary group of talented employees and strong portfolio of category-leading brands. It is also a company that is well positioned to extend its leadership in the Beauty industry in a way that drives shareholder value over the long term. To achieve both, the Board intends to put in place a permanent CEO who will further accelerate Coty's progress towards its stated strategic priorities of growing Coty's power brands across the globe and implementing its global efficiency plans. We believe both a clear focus on and execution of these priorities should help drive both profitable growth and shareholder value. "
"I feel honored to have led Coty through an important chapter of its history and proud to have contributed to the success of the Company over the last 12 years," said Scannavini. "It has been an extremely rewarding adventure, developing great brands and leading a group of exceptionally talented and passionate people. I wish Coty and my long-time colleagues the brightest future and many more years of success."
"I want to thank Michele for his many contributions during his career at Coty," said Becht. "Michele has been a material part and key contributor to Coty's success over the past decade. We would like to thank him in particular for taking Coty public through a listing on the New York Stock Exchange and developing a clear strategy for Coty's future. We will miss Michele's professionalism and humanity; we wish him the very best as he moves on to the next phase of his career."
Becht joined the Coty Board of Directors as Chairman in 2011. From 1999 to 2011, he served as chief executive officer of Reckitt Benckiser plc, a leading global consumer goods company in the field of household cleaning and health and personal care. Mr. Becht also held a variety of marketing, sales and finance positions at The Procter & Gamble Company. He earned a Masters of Business Administration from the University of Chicago Booth School of Business and a Bachelor of Arts in Economics from the University of Groningen in the Netherlands.
Becht added, "Coty is a great company and leader in the Global Beauty industry thanks to its extraordinary group of talented employees and strong portfolio of category-leading brands. It is also a company that is well positioned to extend its leadership in the Beauty industry in a way that drives shareholder value over the long term. To achieve both, the Board intends to put in place a permanent CEO who will further accelerate Coty's progress towards its stated strategic priorities of growing Coty's power brands across the globe and implementing its global efficiency plans. We believe both a clear focus on and execution of these priorities should help drive both profitable growth and shareholder value. "
"I feel honored to have led Coty through an important chapter of its history and proud to have contributed to the success of the Company over the last 12 years," said Scannavini. "It has been an extremely rewarding adventure, developing great brands and leading a group of exceptionally talented and passionate people. I wish Coty and my long-time colleagues the brightest future and many more years of success."