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Bernd Beetz has advised the Coty board of his decision to retire as CEO of the global beauty company. At a meeting in New York, 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 more than a decade as Coty CEO, Beetz 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, and 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 multiple exclusive luxury licenses. He has also guided the company's growing presence in the skin and body care categories.
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 also 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.
Of his new position, Scannavini commented, "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."