With the appointment of Jean Mortier as president of Coty Prestige, the parent company took another major step Wednesday in bolstering its bench strength in preparation for a planned initial public offering, which reportedly has been rescheduled for next spring.
Mortier succeeds Michele Scannavini, who was named chief executive officer in late July when former ceo Bernd Beetz disclosed that he was passing the torch to his “right arm.” Although Beetz, one of the leaders of the global fragrance industry, stepped down, he remains on the Coty board as non-executive director, owning 6.2 million shares, or 1.6 percent of the company. This is a critical time for Coty, as it recovers momentum from its failed attempt to acquire Avon Products Inc. and builds steam for its expected $700 million IPO next year.
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