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Coty CEO Michele Scannavini Exits
COTY INC. is seeing another change in top management.
Michele Scannavini, who brought stability to the group as chief executive officer after its failed attempt to buy Avon Products Inc. in 2012 and took the beauty firm public a year later, is leaving the company for personal reasons.
Bart Becht, chairman of Coty, will become interim ceo and the search for Scannavini's successor will begin immediately, the company said. Becht will remain chairman after the ceo search is completed.
Scannavini has relinquished his seat on Coty's board.
The departure of Scannavini, a 12-year veteran of the beauty company, follows the exit of longtime Coty ceo Bernd Beetz in July 2012. Scannavini, who was president of Coty Prestige at the time, took over from Beetz as group ceo. Beetz stepped down only eight months after Becht arrived as Coty's chairman and became deeply involved in the Avon bid, taking on the role of public face of Coty, one that Beetz had held for years.
Shares of Coty fell 1.1 percent Monday to $16.74 in New York Stock Exchange trading on the news of another...