The American beauty group has announced the replacement of its CEO and chairman of the board by Markus Strobel, a veteran of Procter & Gamble. Coty is also selling its remaining 25.8% stake in Wella to the KKR fund. The aim is to reduce the group’s debt and return to growth.
Coty is turning over a new leaf at the end of this year.
As recently predicted by the Financial Times, JAB Holding, Coty’s majority shareholder, has just announced the replacement of Sue Nabi, formerly of L’Oréal, who took over as CEO in 2020, and Peter Harf, chairman of the board of directors for 30 years, who is retiring.
The duo will be replaced on January 1 by Markus Strobel, who will serve as both CEO and interim chairman.
A veteran of Procter & Gamble
With 33 years of experience at Procter & Gamble, Markus Strobel is taking the reins at Coty “at a pivotal moment for the company, as a strategic review of the consumer beauty business is underway,” the group explained in a press release.
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Featured photo: © Coty
