Coty has announced the appointment of Markus Strobel as its interim Chief Executive Officer, effective January 1. The US-based beauty company said the leadership change comes at a critical time as it reviews its consumer beauty business and future strategy.
Markus Strobel brings decades of experience to the role, having spent 33 years at Procter & Gamble. According to Coty, he will take charge during a pivotal phase as the company conducts a strategic review to strengthen long-term growth.
Strobel will succeed Sue Nabi, who is stepping down as CEO after five years, as well as Peter Harf, who will retire from Coty’s board after more than three decades of service. The company credited Harf with helping shape Coty into a global beauty player, while Nabi was praised for launching successful fragrances, including Burberry Goddess, and for significantly reducing the company’s financial leverage.
In a statement, Strobel said he was pleased to join Coty at such an important moment and believes the company has strong foundations and clear potential to accelerate growth.
Coty has been undergoing major changes. In September, the company announced a strategic review of its consumer cosmetics division, with plans to refocus on fragrances by bringing its prestige and consumer fragrance businesses closer together. However, Coty also faces challenges, including the risk of losing the Gucci beauty licence after its owner, Kering, sold its beauty division to L’Oréal.
Financially, Coty has had a difficult period. In the 2024–25 financial year, the company reported a net loss of $381 million, compared to a profit the previous year. Sales declined to $5.9 billion. In the first quarter of the 2025–26 financial year, net profit fell 19% to $64.6 million, while sales dropped 6% to $1.58 billion.
Following the announcement, Coty shares fell more than 5% on the Paris stock exchange. Since the start of the year, the stock has lost over 50% of its value.
With Markus Strobel stepping in as interim CEO, investors and industry watchers will closely follow how Coty navigates its strategic reset and works to stabilise performance in a challenging global beauty market.
