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NEW YORK — Michele Scannavini has stepped down from his post as chief executive officer of Coty Inc. for personal reasons, the company announced Monday. He has also resigned from Coty’s board.
Michele Scannavini has stepped down from his post as chief executive officer of Coty Inc. for personal reasons, the company announced Monday. He has also resigned from Coty’s board.
Coty chairman Bart Becht will become interim CEO.
"I want to thank Michele for his many contributions during his career at Coty," Becht said. "Michele has been a material part and key contributor to Coty’s success over the past decade. We would like to thank him in particular for taking Coty public through a listing on the New York Stock Exchange and developing a clear strategy for Coty’s future."
Becht joined Coty’s board as chairman in 2011. He served as CEO of Reckitt Benckiser PLC from 1999 to 2011; before that he held a variety of marketing, sales and finance positions at Procter & Gamble Co.
"Coty is a great company and leader in the global beauty industry, thanks to its extraordinary group of talented employees and strong portfolio of category-leading brands," Becht added. "It is also a company that is well positioned to extend its leadership in the beauty industry in a way that drives shareholder value over the long term. To achieve both, the board intends to put in place a permanent CEO who will further accelerate Coty’s progress towards its stated strategic priorities of growing Coty’s power brands across the globe and implementing its global efficiency plans. We believe both a clear focus on and execution of these priorities should help drive both profitable growth and shareholder value."
Scannavini said he felt honored to have led Coty through an important chapter of its history and proud to have contributed to the company’s success over the past 12 years.
"It has been an extremely rewarding adventure, developing great brands and leading a group of exceptionally talented and passionate people," he said. "I wish Coty and my longtime colleagues the brightest future and many more years of success."
