Coty's Leadership Shake-up: Strobel Steps Up Amidst Market Pressures

Coty has appointed former Procter & Gamble executive Markus Strobel as its interim CEO and chairman, as the company struggles with declining sales and intensified competition. Strobel's appointment follows Sue Nabi's departure. An active search for a permanent CEO is underway, amid strategic reviews and pressure from controlling shareholder, JAB Holding.

Coty Inc. has announced the appointment of Markus Strobel as its interim CEO and chairman, effective January 1. Strobel, a veteran of Procter & Gamble, takes the helm as Coty faces declining shares and intense competition in the beauty market. This leadership change follows Sue Nabi's five-year tenure as CEO.

The appointment coincides with Coty's decision to conduct a strategic review of its consumer beauty business, possibly leading to the sale of some brands. The initiative is backed by JAB Holding, Coty's controlling shareholder, which is pushing for a significant leadership overhaul to address the company's challenges.

Coty's struggle mirrors a broader trend in the consumer goods industry, with companies like Kraft Heinz and Coca-Cola also reshuffling top management to better compete in a volatile market landscape. The focus remains on reviving sales and maintaining shareholder value amid macroeconomic pressures.

(With inputs from agencies.)