Coty announces resignation of CEO

Chief Executive Officer Michele Scannavini has stepped down from his role at the company

Coty has announced that Chief Executive Officer Michele Scannavini has stepped down from his role at the company for personal reasons and resigned from its Board of Directors.

Coty’s Chairman Bart Becht will become interim CEO, working with the Executive Committee to ensure a smooth transition and oversee major decisions at the company. The company intends to commence a search process for Mr Scannavini’s permanent successor immediately. Mr Becht will remain as Chairman of the company once a permanent successor has been appointed.

“I want to thank Michele for his many contributions during his career at Coty,” said Mr Becht. “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. We will miss Michele’s professionalism and humanity; we wish him the very best as he moves on to the next phase of his career.”

“I feel honored to have led Coty through an important chapter of its history and proud to have contributed to the success of the company over the last 12 years,” said Mr Scannavini. “It has been an extremely rewarding adventure, developing great brands and leading a group of exceptionally talented and passionate people. I wish Coty and my long-time colleagues the brightest future and many more years of success.”

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