The U.S. fragrance and cosmetics group announced on Monday, December 22, that Markus Strobel will be appointed Executive Chairman of the Board and Interim CEO, effective January 1, 2026.
Strobel will take over the roles previously held by Peter Harf, who will retire from Coty’s Board after more than three decades of service, and by Sue Nabi, who will step down following a five-year tenure. He joins Coty after 33 years at Procter & Gamble, most recently as President of Global Skin & Personal Care, overseeing a multi-billion-dollar portfolio and leading beauty, grooming, and prestige fragrance brands.
Markus Strobel takes the helm at Coty at “a pivotal moment,” as the group conducts a strategic review of its Consumer Beauty business.
“Harf’s leadership helped shape Coty into a global beauty leader, while Nabi oversaw the launch of several blockbuster fragrances, including Burberry Goddess, and materially reduced Coty’s financial net leverage,” Coty said in a statement.
“Both leave Coty with a strong foundation for future profitable growth,” the group added. Last week, the group announced the sale of its remaining stake in hair care brand Wella, with proceeds to be used to further reduce debt.
In September, Coty said it would refocus on perfumery by merging its prestige and mass-market fragrance units. However, the group is set to lose its Gucci license after luxury group Kering, owner of the Italian brand, sold the its beauty business to French cosmetics giant L’Oréal.
The group slipped into the red in fiscal 2024/2025 (ended June), posting a net loss of USD 381 million versus a USD 76 million profit a year earlier, while sales fell 4% to USD 5.9 billion.
Performance weakened further in the first quarter of fiscal 2025/2026, with net profit down 19% to USD 64.6 million and revenue declining 6% to USD 1.58 billion.
Since the start of the year, the stock has lost more than 50%.
