July 26, 2012 — As revealed yesterday on The Moodie Report Twitter feed, Coty CEO Bernd Beetz has announced his retirement.  He will be succeeded by Coty Prestige President Michele Scannavini, effective 1 August.  Beetz will remain on the Coty board as a non-executive director.

“I am delighted that Michele Scannavini has agreed to succeed Bernd at this important moment in Coty’s history,” commented Coty Chairman Bart Becht.  “He is the key architect behind Coty's designer brand licenses and the growth of our fragrance business.  Michele has also successfully led the integration of acquired businesses, including UCI from Unilever and American Designer Fragrances from LVMH.”

Scannavini completed the creation of a comprehensive fragrance portfolio through the launch of exclusive luxury licenses.  He has also guided the company's growing presence in skin & body care.

Becht added: “I have long admired Bernd for his vision and leadership, and on behalf of the entire board and company, I thank him for leading Coty's successes since he joined us in 2001.  With an experienced management team, he transformed Coty from primarily a fragrance maker into the emerging leader in beauty with market-leading positions in both North America and in Europe.”

“I am extremely proud of the work I have accomplished in the last 11 years, and I thank my entire leadership team,” said Beetz.  “Together we have created a company with a strong entrepreneurial culture and great brands.  I’m now excited to diversify my business interests while continuing to be part of the Coty story, and will enjoy devoting more of my time to charitable activities in addition to writing a book that I have wanted to do for some time.”

Beetz added: “I have known Michele for more than 20 years, and the board could not have appointed a better leader to continue guiding Coty into the future.”  The two men have known each other since Scannavini reported to Beetz when they both worked at Procter & Gamble.

Scannavini noted: “I am inheriting a great company with great brands, great people and a culture of innovation.  Following Bernd Beetz, with whom I have been working so closely, is a rare privilege.  I am eager to continue the journey together.”

Prior to joining Coty, Scannavini was the CEO of Fila Holding.  A graduate of Boconi University, he has held numerous marketing, sales and general management positions, including roles at Ferrari and Maserati.

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Source: The Moodie Report
Title: Michele Scannavini to Succeed Bernd Beetz as Coty CEO from August
Date Published: July 26, 2012
Date Accessed: August 7, 2013