Dec 22 (Reuters) – U.S. cosmetics maker Coty appointed Markus Strobel as its interim chief executive officer effective January 1, it said on Monday.
The retailer, whose shares have plunged more than 50% this year, has faced persistent challenges in boosting sales in its mass-market beauty segment amid intensifying competition from emerging brands.
Strobel joins Coty from consumer packaged goods major Procter & Gamble, succeeding Sue Nabi’s five-year tenure. He will also be the executive chairman of Coty’s board.
“I see tremendous potential to accelerate growth, strengthen our position in prestige and mass beauty, and deliver sustainable value for shareholders, partners, and consumers worldwide,” Strobel said in a statement.
Financial Times reported in December that Coty’s controlling shareholder JAB Holding was planning a leadership overhaul at the company that could result in Nabi’s exit.
(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Subhranshu Sahu)
