Overview
- Coty announced on July 2 that Executive Chairman and interim CEO Markus Strobel will take direct charge of Prestige commercial operations with regional leaders reporting to him.
- The company combined Prestige R&D and sustainability with supply chain into a single function led temporarily by Chief Supply Chain Officer Graeme Carter to speed innovation from lab to shelf.
- Coty disclosed staged senior departures including Dr. Shimei Fan leaving at the end of August and Caroline Andreotti leaving at the end of September while Priya Srinivasan will depart in August and Séverine Charbon will join as Chief People and Purpose Officer on September 1.
- The restructuring follows third-quarter results for the period ended March 31 that showed $1.28 billion in net revenue, a 1% decline year over year, and a 7% like‑for‑like sales drop.
- Coty says the moves aim to improve sell‑through and market share by shortening decision paths and aligning innovation with delivery and talent work, and investors and employees should watch execution and retail sell‑out as the next tests of the plan.