A month after Coty filed its initial public offering, the company has announced CEO Bernd Beetz is set to step down with Michele Scannavini taking his place, effective on August 1.
Beetz will stay on the Coty board as non-executive chairman and will continue to own 6.2 million shares in the company, however, he remained tight-lipped about his future plans.
I’m breaking free,” he joked to WWD. I’m going to broaden my interest.” He also revealed it was a good time to pass the torch.” Beetz described Scannavini as his right arm”, with the two having worked together for over 20 years – both formerly at Procter & Gamble Co.
Beetz has grown the company by almost three times to $US4.1 billion in his time as CEO.
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