Coty Appoints New Interim CEO Amid Struggling Sales

U.S. cosmetics company Coty appoints Markus Strobel as interim CEO, following a significant decline in share prices due to intense competition. Strobel will replace Sue Nabi, stepping down after five years. With a background in Procter & Gamble, Strobel aims to enhance Coty's market position.

Coty Inc., a significant player in the U.S. cosmetics industry, has announced Markus Strobel as its interim Chief Executive Officer and Executive Chairman. Strobel takes over as the company grapples with a steep decline in stock value amidst fierce competition from newer beauty brands.

With over three decades of experience at Procter & Gamble, where he recently led the global skin and personal care division, Strobel succeeds Sue Nabi, who is stepping down after her five-year tenure. The transition comes amidst discussions of a strategic overhaul within the company.

Strobel expressed a vision of advancing Coty's growth and fortifying its presence in both prestige and mass beauty sectors. Meanwhile, other consumer goods giants like Kraft Heinz and Coca-Cola are also undergoing leadership changes in response to evolving market dynamics and shareholder demands.

(With inputs from agencies.)