Coty Appoints Interim CEO During Strategic Review

• The appointment occurs at what Coty calls a 'pivotal moment' during an ongoing strategic review of its Consumer Beauty division
• Strobel retired from P&G in 2024 after three decades, most recently serving as president of global skin and personal care
• The move follows Coty's recent deal with KKR involving $750 million in upfront cash

Coty Appoints P&G Veteran as Interim CEO During Strategic Review

Cosmetics giant Coty has named Markus Strobel, a 30-year Procter & Gamble veteran, as interim CEO and board chair, effective January 1, 2025. Strobel will replace CEO Sue Nabi and board chair Peter Harf as the company undergoes a strategic review of its Consumer Beauty business.

Key Details:

• Strobel recently retired from P&G in 2024, where he served as president of global skin and personal-care business
• The leadership change comes at what Coty describes as a "pivotal moment" for the company
• Appointment follows Coty's recent divestiture of a 9% stake in Wella to KKR, receiving $750 million in cash upfront

Market Context:

The announcement comes amid broader market volatility, with major indices showing declines:

• DJIA: 48,461.93 (-0.51%)
• S&P 500: 6,905.74 (-0.35%)
• Nasdaq: 23,474.35 (-0.50%)

Implications:

The sudden leadership overhaul during an active strategic review suggests Coty may be preparing for significant operational changes or potential restructuring of its consumer beauty portfolio. Strobel's extensive P&G experience in skin and personal care could signal a shift in focus for Coty's beauty strategy. The recent Wella stake sale indicates the company is actively managing its portfolio and raising capital, potentially for strategic initiatives or debt reduction. Investors should monitor forthcoming announcements regarding the strategic review's outcomes and any potential changes to Coty's business structure or market positioning.