NEW YORK (AP) — The CEO of beauty products company Coty Inc., which is looking to go public, is retiring.
Bernd Beetz, who had served as CEO since 2001, will remain with Coty's board as a non-executive director. He said Wednesday that he plans to spend more time on charitable work and will write a book, as well as diversify his business interests.
"(Beetz) transformed Coty from primarily a fragrance maker into the emerging leader in beauty with market-leading positions in both North America and in Europe," Chairman Bart Becht said.
Coty, known for celebrity fragrances from Jennifer Lopez, Halle Berry and others, named Coty Prestige President Michele Scannavini to fill the post. The appointment is effective in August. Before joining Coty, Scannavini was CEO of Fila Holding S.p.A.
Scannavini and Beetz also have a history, having previously worked together at Procter & Gamble.
Becht said that Scannavini was the key architect behind Coty's designer brand licenses and the growth of its fragrances business.
Coty, founded in Paris in 1904, walked away from its $10.7 billion takeover bid for bigger rival Avon Products Inc. earlier this year while Avon said it was reviewing the offer.
The New York company has managed to successfully broaden its business to cover an array of personal health and beauty needs. While it may not be a household name, Coty products are found widely in millions of homes. OPI, Rimmel, Sally Hansen and philosophy are just a few of the better-known products in its arsenal of beauty goods.
Last month Coty said it would raise $700 million in an initial public offering. The company disclosed in regulatory filing with the Securities and Exchange Commission that its stock will list under the "COTY" ticker symbol. The company did not specify yet whether it would be on the Nasdaq or the New York Stock Exchange.