Michele Scannavini, who served as president of Coty Prestige for the past decade, has taken the reins as CEO of the global beauty company, effective August 1. Former chief Bernd Beetz had informed Coty’s board of directors of his decision to retire, and the board consequently accepted his decision and unanimously appointed Scannavini.
After having served as CEO for over a decade, Beetz will remain on the Coty board as a non-executive director in order to share his experiences and facilitate a smooth transition.
Of Scannavini’s expertise, Coty chairman Bart Becht said, “He is the key architect behind Coty’s designer brand licenses and the growth of our fragrance business. [He] has also successfully led the integration of acquired businesses, including UCI from Unilever and American Designer Fragrances from LVMH.” Additionally, Scannavini has grown Coty’s presence in skin and body care.
At the same time, Becht thanked Beetz for his contributions to the company throughout his 11-year tenure as CEO. “With an experienced management team, [Beetz] 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 said.
“I am extremely proud of the work I have accomplished in the last eleven years,” said Beetz, who plans to diversify his business interests, devote more time to charitable activities and write a book—all while remaining a part of the Coty family. “I have known Michele for more than 20 years,” he added, “and the board could not have appointed a better leader to continue guiding Coty into the future.”
“I am inheriting a great company with great brands, great people and a culture of innovation,” Scannavini stated. “Following Bernd Beetz, with whom I have been working so closely, is a rare privilege. I am eager to continue the journey together.”
Prior to joining Coty, Scannavini was the chief executive officer of Fila Holding S.p.A. He has also held numerous marketing, sales and general management positions with companies including Ferrari and Maserati.
Founded in Paris by François Coty in 1904, the company currently generates annual net sales of $4.5 billion. Its brand portfolio competes in all key distribution channels across both prestige and mass markets in over 130 countries and territories.
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