Sue Nabi is exiting Coty as Chief Executive Officer and will be succeeded on an interim basis by Markus Strobel, who has also been named Executive Chairman of the Board, replacing Peter Harf, who is retiring. The changes come at a time when Coty is set to lose its crown jewel. Kering’s €4 billion ($4.67 billion) partnership with L’Oréal means Coty will lose the Gucci license for fragrance and beauty when it expires in 2028.
Strobel joins Coty after a distinguished 33-year career at Procter & Gamble, where he most recently served as President of P&G’s Global Skin & Personal Care business that included a multibillion-dollar portfolio of more than 12 global brands.
He is widely recognized for driving category and organizational transformation across P&G Beauty and for revitalizing SK-II into a leading prestige skincare brand in Asia. During his tenure, Strobel held senior roles across Beauty & Grooming, spanning fine fragrance, haircare, and grooming. He spearheaded modernization across innovation, product supply, marketing, go-to-market strategies, and operating capabilities for his businesses in North America, Greater China, Japan, Korea, and Europe.
As Executive Chairman and Interim CEO, Strobel will lead Coty at a pivotal moment for the company. With a strategic review of the Consumer Beauty business underway, and the full support of the Board, Strobel sees a significant opportunity to reinforce Coty’s leadership in beauty and unlock multiple avenues for profitable growth and expansion.
Strobel commented, “I am delighted to join Coty at this important juncture. Building on Coty’s strong foundations, I see tremendous potential to accelerate growth, strengthen our position in prestige and mass beauty, and deliver sustainable value for shareholders, partners, and consumers worldwide.”
Nabi is departing as beauty’s highest-paid beauty executive in the US in 2023 with a total compensation of $149.4 million. She took the helm in 2020, riding a post-pandemic beauty boom that sent shares of Coty and its peers sharply higher. But as consumer sentiment weakened and competition intensified, investor confidence faded: Coty’s stock has lost about half its value over the past year and roughly 75% since its 2013 debut.
Prior to assuming the leadership role at Coty, Nabi spent 20 years at L'Oréal in senior roles, including Worldwide President of Lancôme. She is also the founder of luxury skincare brand Orveda, which has operated under a licensing agreement with Coty since November 2021.
Nabi said in a LinkedIn post, “I now return to what I love most: entrepreneurship, building from scratch, telling new stories, craftsmanship, and a renewed sense of pride.”
The new chair appointment created a natural moment for leadership succession, and the search for a permanent CEO is underway.
