(RTTNews) - Beauty company Coty Inc. (COTY) on Wednesday unveiled organizational changes aimed at streamlining operations and accelerating decision-making under its Coty.Curated strategy.
Accordingly, Executive Chairman and interim CEO Markus Strobel will take direct control of the Prestige division's commercial operations, a move Coty said will accelerate decision-making and strengthen accountability for sales and market share performance.
Coty is also combining Prestige research and development, sustainability and supply chain into a single function under interim leader Graeme Carter, chief supply chain officer, to streamline product development and delivery across its prestige portfolio.
As part of the reorganization, Chief Commercial Officer Prestige Caroline Andreotti will leave the company at the end of September after nearly 20 years with Coty. Chief Scientific and Sustainability Officer Shimei Fan will depart at the end of August.
Additionally, Chief People and Purpose Officer Priya Srinivasan will step down in August for personal reasons. She will be succeeded by Sverine Charbon, who joins the company on September 1 from Publicis Groupe, where she most recently served as Chief Talent Officer International.
"Coty.Curated is about clarity and focus, and a simpler operating model helps us deliver on that. It positions us to keep building behind our core brands and to support our teams as the business moves forward," Strobel said.
Coty shares closed at $2.28 on Wednesday, up 5.56%.
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