Coty appoints Michele Scannavini as ceo
And announces creation of Coty Korea
Bernd Beetz has retired as ceo of Coty Inc after over a decade at the helm. Yesterday, in New York, Coty’s board of directors accepted his decision and unanimously appointed Michele Scannavini (currently president of the Coty Prestige business) as his successor effective 1 August. Beetz will remain on the Coty board as a non-executive director in order to share his experience and contribute to a smooth leadership transition.
“I’m delighted that Michele Scannavini has agreed to succeed Bernd at this important moment in Coty’s history,” said Coty chairman Bart Becht. “He is the key architect behind Coty’s designer brand licences and the growth or our fragrance business. Michele has also successfully led the integration of acquired businesses including UCI from Unilever and American Designer Fragrances from LVMH.”
Becht added: “I have long admired Bernd for his vision and leadership and on behalf of the entire board and company I thank him for leading Coty’s successes since he joined us in 2001.”
“I’m extremely proud of the work I’ve accomplished in the last 11 years and I thank my entire leadership team,” said Beetz. “Together we have created a company with a strong entrepreneurial culture and great brands.”
Commenting on the appointment of Scannavini, with whom he previously worked at Procter & Gamble, Beetz said: “I have known Michele for more than 20 years and the board could not have appointed a better leader to continue guiding Coty into the future.”
“I am inheriting a great company with great brands, great people and a culture of innovation,” added Scannavini. “Following Bernd Beetz, with whom I have been working so closely is a rare privilege. I am eager to continue this journey together.”
Coty has also announced the establishment of Coty Korea, a joint venture with LG Household & Health Care. The aim, according to Coty, is to expand the presence of both companies in the Korean cosmetics market, which will begin with the introduction of the philosophy brand into the Korean market this autumn.
The joint venture will be headed by a Coty ceo, said the company.