Beetz has been with the company for over a decade and will continue to serve on the company’s board as a non-executive director.
The Coty board unanimously appointed Scannavini as his successor and will hope for a smooth transition period.
“I am delighted that Michele Scannavini has agreed to succeed Bernd at this important moment in Coty’s history,” said Bart Becht, Coty’s chairman.
“He is the key architect behind Coty’s designer brand licenses and the growth of our fragrance business. Michele has also successfully led the integration of acquired businesses, including UCI from Unilever and American Designer Fragrances from LVMH.”
Scannavini has been president of Coty Prestige for the last ten years, completing the creation of a comprehensive fragrance portfolio through the launch of exclusive luxury licenses, and guiding the company’s growing presence in skin and body care.
“I am inheriting a great company with great brands, great people and a culture of innovation. Following Bernd Beetz, with whom I have been working so closely, is a rare privilege. I am eager to continue the journey together,” he commented.
Beetz and Scannavini have known each other for a while, they both worked together at Procter & Gamble, and the former provided a great endorsement of his successor.
“I have known Michele for more than 20 years, and the board could not have appointed a better leader to continue guiding Coty into the future,” he said.
“I’m now excited to diversify my business interests while continuing to be part of the Coty story, and will enjoy devoting more of my time to charitable activities in addition to writing a book that I have wanted to do for some time,” Beetz added.