Coty names P&G’s Strobel interim CEO as Nabi steps down
Coty Inc., the parent company of CoverGirl, has named Procter & Gamble veteran Markus Strobel as interim CEO and executive chairman, effective January 1. Strobel takes over from Sue Nabi, who is stepping down after five years at the helm.
The leadership change comes as Coty struggles with a share-price decline of over 50% this year amid rising competition in the beauty market. Strobel, who led P&G’s global skin and personal care division, has also worked with luxury brands including Gucci, Dolce & Gabbana, Valentino, and Hugo Boss, News.Az reports, citing Reuters.
Coty said Strobel has the full support of the board and will oversee a strategic review of the company’s consumer beauty business. Strobel stated he sees “tremendous potential to accelerate growth and strengthen our position in prestige and mass beauty.”
The move follows broader industry trends, with major consumer goods companies like Kraft Heinz, Coca-Cola, Lululemon, Unilever, and Nestle reshuffling top leadership to address slow growth, tariff uncertainties, and changing consumer habits.
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