NEW YORK — Michele Scannavini has stepped down as Coty Inc. chief executive officer and resigned from the company’s board of directors.
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Michele Scannavini |
Coty said Monday that Scannavini’s departure was due to personal reasons. The beauty care and fragrances company provided no further details but indicated that it plans to begin a search for a new CEO immediately.
In the meantime, Coty chairman Bart Becht has been tabbed to serve as interim CEO. The company said Becht will work with its executive committee to ensure a smooth transition and oversee major decisions.
Scannavini has been Coty’s CEO since August 2012 after having served as president of Coty Prestige since joining the company in 2002. Before that, he was CEO of sports apparel and footwear company Fila and has served as head of sales and marketing for Ferrari and Maserati. He began his career at Procter & Gamble.
"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," Scannavini said in a statement. "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."
Becht joined Coty’s board as chairman in 2011. From 1999 to 2011, he served as CEO of Reckitt Benckiser.
"I want to thank Michele for his many contributions during his career at Coty," Becht stated. "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."
In July, Coty announced that it has revamped its organization into a more integrated, consumer-focused business model. The move created a new structure based on two stand-alone divisions, Coty Prestige and Coty Beauty. It also grouped all Coty brands into four categories — fragrance, skin care, color cosmetics and body care — that each have a dedicated team to develop the prestige and mass portfolio.
"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," Becht added. "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."
Coty has annual sales of about $4.6 billion, and its roster of fragrance, color cosmetics, and skin and body care brands includes adidas, Calvin Klein, Chloe, Davidoff, Marc Jacobs, OPI, philosophy, Playboy, Rimmel and Sally Hansen.
