Investment firm KKR has named Annie Young-Scrivner as the new Chief Executive Officer (CEO) of the Wella Company following the announcement of their acquisition of 60% of the company from Coty. Wella distributes brands such as Wella Professionals, Clairol, OPI, Nioxin, and ghd.
The appointment will become effective upon close of the transaction, which is expected by the end of the year.
Ms. Young-Scrivner joins Wella from Godiva Chocolatier where she served as CEO for the last three years.
“During her three-decade career, Ms. Young-Scrivner has demonstrated exceptional strength in brand, digital, and talent development across different channels. Having worked in more than 30 countries around the world, she brings a deep understanding of global markets,” said KKR in a release.
Prior to Godiva, Ms. Young-Scrivner spent seven years in a number of senior positions at Starbucks. She started her career at PepsiCo where she held senior leadership roles in sales, marketing and general management during her 19-year tenure with the business.
Ms. Young-Scrivner currently serves on the Board of Directors of Tiffany & Co., and YUM! Brands and previously served on the Board of Macy’s Inc. Ms. Young-Scrivner holds a B.A. from the Foster School of Business, University of Washington, and an Executive M.B.A. from the Carlson School of Business, University of Minnesota. She continued her executive education at IMD, Switzerland, Yale School of Management, Darden School of Management at University of Virginia.
“We are thrilled that Annie will bring her tremendous passion for the consumer sector, her commitment to diverse and inclusive organizations, and her proven track record of building the value of consumer brands and businesses to the newly formed Wella Company,” said Tim Franks, Partner at KKR and Head of Consumer & Retail in its European Private Equity business.
Current President of Coty’s Professional and Retail Hair businesses, Sylvie Moreau, will remain in her role until the transaction between KKR and Coty closes.
After the transaction closes, the Wella will operate as a separate company with its own management team and operational structures. Wella will be comprised of the assets of Coty’s Professional and Retail Hair businesses, including the Wella Professional, Clairol, OPI, Nioxin and ghd brands, which are valued at USD 4.3 billion on a cash- and debt-free basis under the terms of the transaction. KKR will own 60% of the Company and Coty will own the remaining 40%.