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NEW YORK — Coty CEO Bernd Beetz is retiring from the beauty company, effective Aug. 1, and will be succeeded by Michele Scannavini, who has been president of Coty Prestige for the past decade.
Beetz will remain on the Coty board as a nonexecutive 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,” stated 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 also has guided the company’s growing presence in skin and body care.
“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,” Becht added.
“I am extremely proud of the work I have accomplished in the last 11 years, and I thank my entire leadership team,” Beetz stated. “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.”
The two men have known each other since Scannavini reported to Beetz when they both worked at Procter & Gamble. Prior to joining Coty, Scannavini was the CEO of Fila Holding S.p.A., and gained a wealth of experience in numerous marketing, sales and general management positions, including roles at Ferrari and Maserati automobiles.
As previously reported by Drug Store News, Coty announced in late June that it has filed to raise as much as $700 million in an initial public offering. The filing with the Securities and Exchange Commission came about a month after the beauty company dropped its bid for Avon because of Avon’s “delay and unwillingness to engage in discussions.”