The new leader, Markus Strobel will join Coty after a 33-year career at Procter & Gamble, where he most recently served as President of P&G’s Global Skin & Personal Care business.

During his tenure, Strobel held senior roles across Beauty & Grooming in fine fragrance, hair care and grooming. This included leading prestige brands such as Gucci, Dolce & Gabbana, Valentino and Hugo Boss as part of his fragrance assignment. He is said to have “spearheaded the modernisation of innovation, product supply, marketing and go-to-market strategies, as well as operating capabilities across North America, Greater China, Japan, Korea and Europe for the businesses.”

Strobel is joining at a key moment for the company, which has a strategic review of the Consumer Beauty business underway and the full support of the board.

He commented that he was delighted to join Coty at this important crossroads. “Building on Coty’s strong foundations, 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,” he said.

Sue Nabi steps down

Coty’s CEO, Sue Nabi, has stepped down after five years of leading the business. Meanwhile, long-time leader Peter Harf will retire from Coty’s Board after more than three decades of service.

Prior to joining Coty five years ago, Nabi – who is also the founder of vegan skincare brand Orveda – had worked at L’Oréal for 20 years, where she was President of both L’Oréal Paris and Lancôme.