Procter & Gamble veteran Markus Strobel, who most recently led the consumer product conglomerate’s global skin and personal care business, on Jan. 1 will join beauty company Coty as interim chief executive officer. He replaces Sue Nabi, who was CEO for about five years.
At the same time, Strobel will begin serving as executive board chair, taking over from Peter Harf, who is retiring after 30 years on the board.
Strobel spent more than three decades in various leadership roles at P&G, overseeing a multibillion-dollar portfolio of more than 12 brands, including prestige fragrance labels from Gucci, Dolce & Gabbana, Valentino and Hugo Boss.
In a statement, Strobel said he is joining Coty at an “important juncture.”
“Building on Coty’s strong foundations, I see tremendous potential to accelerate growth, strengthen our position in prestige and mass beauty, and deliver sustainable value for shareholders, partners, and consumers worldwide,” he said.
Under Nabi, the beauty company has been working through a turnaround centered on boosting profits, expanding margins and cutting costs, which earlier this year entailed laying off 700 employees. In its press release Monday, Coty credited Harf with helping “shape Coty into a global beauty leader, while Nabi oversaw the launch of several blockbuster fragrances, including Burberry Goddess, and materially reduced Coty’s financial net leverage to ~3x.”
Wells Fargo analysts last month called out prestige fragrances as a strength at Coty, with mass beauty continuing to struggle.
The news of Strobel’s appointment comes days after Coty announced it has sold its remaining 25%-plus interest in Wella, making good on its yearslong plan to completely divest from the hair care brand by the end of this year, the beauty giant announced last week. Investment firm KKR, which five years ago bought a majority stake in Wella from Coty for over $2 billion, also bought the remaining stake.
In addition to upfront cash consideration of $750 million, Coty will receive 45% of any proceeds from a further sale or an initial public offering of the Wella business.
