Changing Guard: Markus Strobel Takes Helm at Coty

Coty appoints Markus Strobel as interim CEO starting January 1, following leadership changes. Strobel, from Procter & Gamble, replaces Sue Nabi. The company has faced challenges in boosting sales in its beauty segment amid growing competition, with hopes to accelerate growth and strengthen market position.

Coty, the U.S. cosmetics retailer, has announced the appointment of Markus Strobel as its interim chief executive officer, effective January 1. The struggling company, which has seen its shares plunge over 50% this year, hopes to revitalize its mass-market beauty segment amid fierce competition.

Strobel, hailing from consumer goods giant Procter & Gamble, succeeds Sue Nabi as CEO after her five-year tenure at Coty. He is also set to become the executive chairman of the board as part of a broader leadership overhaul reportedly planned by Coty's controlling shareholder, JAB Holding.

In a statement, Strobel expressed optimism about accelerating growth, strengthening Coty's position in both prestige and mass beauty markets, and delivering sustainable value to shareholders, partners, and consumers worldwide.

(With inputs from agencies.)