Coty Inc, the struggling beauty company, has appointed a veteran from Procter & Gamble (P&G) as its interim CEO, following the departure of its previous chief executive, Pierre Laubies, who had taken over from Pierre-Andre Terisse, also known as PAT, and before him, Camillo Pane. The new interim CEO, Sue Nabi, has left the company after just a year at the helm, citing personal reasons.
Sue Nabi, a former L’Oreal executive, had joined Coty in 2020 and had been tasked with turning around the company’s fortunes. However, her tenure was marked by significant challenges, including the impact of the COVID-19 pandemic on the beauty industry and intense competition from other players in the market.
The company has now appointed a new interim CEO, who will take over the reins until a permanent replacement is found. The new interim CEO is a veteran of P&G, with over two decades of experience in the consumer goods industry. The appointment is seen as a move to bring stability and expertise to the company, which has been struggling to regain its footing in the market.
Coty, which owns brands such as CoverGirl, Max Factor, and Wella, has been facing significant challenges in recent years, including declining sales and increased competition from online beauty brands. The company has been working to revamp its portfolio and improve its e-commerce capabilities, but has yet to see a significant turnaround.
The departure of Sue Nabi and the appointment of a new interim CEO is seen as a significant development for the company, which is majority-owned by investment firm JAB Holdings. The company’s board of directors has stated that it will work to find a permanent CEO as soon as possible, and that the interim CEO will focus on stabilizing the business and implementing the company’s strategic plans.
Overall, the appointment of a new interim CEO at Coty marks a new chapter for the company, which is seeking to regain its position in the competitive beauty industry. With the expertise of a P&G veteran at the helm, the company is hoping to stabilize its business and implement a successful turnaround strategy. However, the road ahead is expected to be challenging, and the company will need to work hard to regain the trust of its investors and customers.