Coty is once again making changes to its executive lineup.
As part of these shifts and fitting in with the group’s revamp under the Coty.Curated moniker, executive chairman and interim chief executive officer Markus Strobel will take direct control of prestige commercial operations, with Coty’s regional leaders reporting to him. The reason? To speed decision-making, and sharpen accountability for sell-out and market share, according to a Coty statement Thursday.
At the same time, Coty will integrate prestige R&D and sustainability with supply chain into one simplified function under the interim leadership of Graeme Carter, chief supply chain officer.
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Caroline Andreotti, chief commercial officer, prestige, will leave Coty at the end of September after three years in the role and almost two decades with the company. Dr. Shimei Fan, chief scientific and sustainability officer, will also depart Coty at the end of August.
Elsewhere, Priya Srinivasan, chief people and purpose officer, has decided to step down for personal reasons and will leave the beauty company in August. She will be succeeded by Séverine Charbon, who was most recently chief talent officer, international, at Publicis Groupe.
Referring to his strategy for the company, Strobel said: “Coty.Curated is about clarity and focus, and a simpler operating model helps us deliver on that. It positions us to keep building behind our core brands and to support our teams as the business moves forward. I want to thank Caroline and Shimei for their leadership and their many years of contribution to Coty, and wish them every success for their future endeavors.”
Coty’s net revenue for the third quarter ended March 31 came in at $1.28 billion, a decrease of 1 percent compared with a year ago. Coty’s like-for-like sales declined 7 percent in the quarter, including an estimated 1.4 percent negative impact from the Middle East, driven by the escalation of the conflict in the region.
Within the overall revenue number, prestige net revenue was flat at $830.9 million, while consumer beauty net revenue was 4 percent lower at $450.7 million.
