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— Bernd Beetz announces retirement as Coty CEO, continues to serve on global beauty company's board of directors
NEW YORK, July 25, 2012 /PRNewswire/ — Bernd Beetz has advised the Coty Board of Directors of his decision to retire as chief executive officer of the global beauty company. At its meeting in New York yesterday, the Coty board accepted his decision and unanimously appointed Michele Scannavini, who has been president of Coty Prestige for the past decade, as his successor effective August 1.
For over a decade as Coty CEO, Bernd has established successful positions across multiple geographies, categories, and segments of the beauty industry where Coty competes, all of which have built solid foundations upon which Coty flourishes today. He will remain on the Coty board as a non-executive director. In this role he will continue to share his experience and contribute to a smooth leadership transition supporting Scannavini.
"I am delighted that Michele Scannavini has agreed to succeed Bernd at this important moment in Coty's history," said Bart Becht, Coty's chairman. "He is the key architect behind Coty's designer brand licenses and the growth of our fragrance business. Michele has also successfully led the integration of acquired businesses, including UCI from Unilever and American Designer Fragrances from LVMH."
Scannavini completed the creation of a comprehensive fragrance portfolio through the launch of exclusive luxury licenses. He has also guided the company's growing presence in skin & body care.
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. With an experienced management team, he transformed Coty from primarily a fragrance maker into the emerging leader in beauty with market-leading positions in both North America and in Europe."
"I am extremely proud of the work I have 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. I'm now excited to diversify my business interests while continuing to be part of the Coty story, and will enjoy devoting more of my time to charitable activities in addition to writing a book that I have wanted to do for some time."
Beetz added: "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." The two men have known each other since Scannavini reported to Beetz when they both worked at Procter & Gamble.
Scannavini said: "I am inheriting a great company with great brands, great people and a culture of innovation. Following Bernd Beetz, with whom I have been working so closely, is a rare privilege. I am eager to continue the journey together."
Prior to joining Coty, Scannavini was the chief executive officer of Fila Holding S.p.A. A graduate of Boconi University, he gained a wealth of experience in numerous marketing, sales and general management positions, including roles at Ferrari and Maserati automobiles.
About Coty Inc.
Coty was created in Paris in 1904 by Francois Coty, who is credited with founding the modern fragrance industry.
Today, Coty Inc. is the new emerging leader in beauty with annual net sales of $4.5 billion. Driven by an entrepreneurial spirit, passion, innovation and creativity, Coty Inc. has developed a portfolio of notable brands that compete in all key distribution channels across both prestige and mass markets, and in over 130 countries and territories.
For additional information about Coty Inc., please visit www.coty.com.