Coty Makes Executive Committee Majority Women With New Hires
(Bloomberg) -- Cosmetics maker Coty Inc. added three women to its executive committee, turning the leadership team majority female at a time when companies across the U.S. are reckoning with a lack of diversity.
The newly expanded committee will include Sue Nabi, who was named last week to the chief executive post, and General Counsel Kristin Blazewicz, who joined Coty in March, the company said Thursday in a statement. Coty also hired Princess Anna of Bavaria as chief corporate affairs officer, a role that will now be part of the committee.
With the changes, women will account for 60% of the executive committee, which oversees strategy and will help revamp corporate culture, said Executive Chairman Peter Harf, who is a managing partner of Coty’s largest shareholder, investment firm JAB.
“Under Sue’s leadership, Coty’s executive committee represents the best in the business,” Harf said in an email. “Coty is back.”
The overhaul positions the company as one whose leadership ranks better reflect its customer base, as Coty’s lipsticks, foundations and eye shadows are primarily geared toward women. Companies across the country have sought to address issues of racial and gender inequality. Still, Coty’s board remains predominantly male, with women holding 36% of the seats, according to Bloomberg data.
The New York-based company has taken a series of steps recently to revamp its operations, including a deal to sell its Wella and Clairol brands to buyout firm KKR & Co. in early May. Coty has also tied its fortunes more closely to the Kardashian family, investing a combined $800 million in cosmetics lines by Kylie Jenner and Kim Kardashian West in the hopes of appealing to younger customers.
Nabi, the founder of skincare line Orveda and a former executive with L’Oreal, is set to take over as CEO Sept. 1, when the executive committee will officially be expanded to five members from three.
Coty’s shares slumped 62% this year this year through Wednesday.
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