Coty management shakeup: Markus Strobel named Government Chairman & Interim CEO

The U.S. perfume and cosmetics group introduced on Monday, December 22, that Markus Strobel shall be appointed Government Chairman of the Board and Interim CEO, efficient January 1, 2026.

Strobel will take over the roles beforehand held by Peter Harf, who will retire from Coty’s Board after greater than three many years of service, and by Sue Nabi, who will step down following a five-year tenure. He joins Coty after 33 years at Procter & Gamble, most not too long ago as President of World Pores and skin & Private Care, overseeing a multi-billion-dollar portfolio and main magnificence, grooming, and status perfume manufacturers.

Markus Strobel takes the helm at Coty at “a pivotal second,” because the group conducts a strategic overview of its Shopper Magnificence enterprise.

“Harf’s management helped form Coty into a world magnificence chief, whereas Nabi oversaw the launch of a number of blockbuster fragrances, together with Burberry Goddess, and materially diminished Coty’s monetary web leverage,” Coty stated in an announcement.

“Each depart Coty with a robust basis for future worthwhile progress,” the group added. Final week, the group introduced the sale of its remaining stake in hair care model Wella, with proceeds for use to additional cut back debt.

In September, Coty stated it could refocus on perfumery by merging its status and mass-market perfume items. Nevertheless, the group is about to lose its Gucci license after luxurious group Kering, proprietor of the Italian model, bought the its magnificence enterprise to French cosmetics large L’Oréal.

The group slipped into the pink in fiscal 2024/2025 (ended June), posting a web lack of USD 381 million versus a USD 76 million revenue a yr earlier, whereas gross sales fell 4% to USD 5.9 billion.

Efficiency weakened additional within the first quarter of fiscal 2025/2026, with web revenue down 19% to USD 64.6 million and income declining 6% to USD 1.58 billion.

Because the begin of the yr, the inventory has misplaced greater than 50%.