Coty has named Markus Strobel as executive chairman of the board and interim CEO, effective next year.

Strobel will succeed Sue Nabi, who has led the beauty group since 2020, and Peter Harf, who served briefly as CEO before becoming a board executive, and will retire after more than three decades with the company.

Coty said Harf helped shape the group’s long-term strategy, while Nabi oversaw the launch of several major fragrances and reduced the company’s financial net leverage to around three times.

Strobel joins Coty following a 33-year career at Procter & Gamble, where he most recently served as president of its global skin and personal care business, overseeing a multi-billion-dollar portfolio of more than 12 global brands.

During his tenure at P&G, Strobel held senior roles across beauty and grooming, including fine fragrance and hair care. His experience includes oversight of prestige fragrance brands such as Gucci, Dolce & Gabbana, Valentino and Hugo Boss.

He also led changes in innovation, product supply, marketing, and go-to-market strategies, as well as in operating capabilities across North America, Greater China, Japan, Korea, and Europe.

“Building on Coty’s strong foundations, I see potential to accelerate growth, strengthen our position in prestige and mass beauty, and deliver value for shareholders, partners and consumers worldwide,” Strobel commented on his appointment.

Founded in Paris in 1904, Coty operates across fragrance, colour cosmetics, and skin and body care, selling prestige and mass-market products in more than 120 countries and territories.

Coty posts lower sales, profit in Q1, expects return to growth in second half