:max_bytes(150000):strip_icc()/GettyImages-1976555926-6505ac1f29b040bf8d1b4514e7ac54a5.jpg "CoverGirl Owner Coty Is Getting a New CEO—Here’s What You Need to Know")
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Key Takeaways
- Makeup and perfume maker Coty said Monday that Procter & Gamble veteran Markus Strobel will take over as interim CEO at the start of 2026.
- The CoverGirl parent company’s stock has lost more than half its value since the start of the year, as its business took a hit in the face of macroeconomic uncertainty and higher tariffs.
Cosmetics maker Coty’s leadership is getting a makeover.
The owner of CoverGirl, Rimmel, and Sally Hansen brands said Monday that Procter & Gamble (PG) veteran Markus Strobel is set to take over as its executive chair and interim CEO in the new year.
Current CEO Sue Nabi will step down after a five-year tenure at Coty (COTY), and executive chair Peter Harf is set to retire from the company’s board after over three decades of service. The company said the change will mark a “pivotal moment” for Coty, which has seen sales slide in the face of macroeconomic uncertainty and higher tariffs.
Why This Matters to Investors
Coty shares have lost more than half their value since the start of this year as sales suffered. A shakeup in the company’s leadership could mean more changes for the company in the new year.
Strobel joins Coty after serving as president of consumer products giant Procter & Gamble’s skin and personal care segment, which includes Gillette razors and the Olay and Old Spice brands, among others. The move could mean more changes ahead for Coty, which in September launched a strategic review of its consumer beauty business.
Last month, Coty posted fiscal first-quarter earnings that missed estimates as sales fell. The company said it still expects to return to growth by the second half of the fiscal year, but warned retailers are being cautious in their ordering habits.
Coty shares slipped about 2% in recent trading, leaving them down about 53% for 2025. They lost more than a fifth of their value in one session in August after Coty reported a surprise loss for its fiscal fourth quarter.
