– USA, NY / SWITZERLAND, Geneva – Wella Company, one of the world’s leading beauty companies with iconic brands including Wella Professionals, Clairol, OPI, Nioxin, and ghd, today announced the appointment of Annie Young-Scrivner as the new CEO. The appointment has been confirmed by KKR, and will become effective upon the close of the previously announced transaction in which KKR is acquiring 60% of Wella from Coty Inc. (NYSE: COTY).
“We are thrilled that Annie will bring her tremendous passion for the consumer sector, her commitment to diverse and inclusive organizations, and her proven track record of building the value of consumer brands and businesses to the newly formed Wella Company,” said Tim Franks, Partner at KKR and Head of Consumer & Retail in its European Private Equity business.
“Given Annie’s vast global experience in working with B2B and B2C businesses and her intuitive understanding of digital engagement in consumer-centric industries, we are confident she will help unlock the true potential of Wella’s portfolio,” said Nancy Ford, Managing Director at KKR in the Americas Private Equity business.
Current President of Coty’s Professional and Retail Hair businesses, Sylvie Moreau, will remain in her role until the transaction between KKR and Coty closes.
“I would like to thank Sylvie for leaving behind a wonderful legacy, a remarkable team and a solid foundation from which we will grow,” said Ms. Young-Scrivner.
After the transaction closes, expected to close by the end of the year, the Wella Company will operate as a separate company with its own management team and operational structures. Wella will be comprised of the assets of Coty’s Professional and Retail Hair businesses, including the Wella Professional, Clairol, OPI, Nioxin and ghd brands, which are valued at $4.3 billion on a cash- and debt-free basis under the terms of the transaction. KKR will own 60% of the Company and Coty will own the remaining 40%.
As CEO, Ms. Young-Scrivner will report to Wella’s Board of Directors. The standalone Wella Company is expected to have an estimated 6,000 employees and remain a top global player in the professional beauty industry, serving over 250,000 hair and nail salons in over 100 countries and serving consumers globally through its iconic retail brands.
About Annie Young-Scrivner
Ms. Young-Scrivner served as CEO of GODIVA Chocolatier since August 2017. Prior to joining GODIVA, she served in a variety of senior executive roles at Starbucks Corporation since 2009, including EVP, Global Digital & Loyalty Development; President, Teavana & EVP, Global Tea; President of Starbucks Canada; and Global Chief Marketing Officer & President of Tazo Tea. Prior to her time at Starbucks, Ms. Young-Scrivner spent 19 years at PepsiCo, serving in senior leadership positions in sales, marketing and general management including Chief Marketing Officer and Head of Sales for Quaker Foods and Snacks Division; Chairman and Region President of PepsiCo Foods Greater China; and Vice President and General Manager of PepsiCo’s Target team.
Ms. Young-Scrivner currently serves on the Board of Directors of Tiffany & Co., and YUM! Brands and previously served on the Board of Macy’s Inc.
“I am honored to join Wella at such a pivotal time in the brand’s history as it celebrates 140 years of partnering with beauty professionals and salon owners,” Ms. Young-Scrivner said. “I’ve long admired Wella’s iconic brands and breakthrough innovations, and I am looking forward to engaging with the team as we work to grow the portfolio of brands and increase the Company’s share of the $90 billion Hair and Nail beauty category.”
Ms. Young-Scrivner holds a B.A. from the Foster School of Business, University of Washington, and an Executive M.B.A. from the Carlson School of Business, University of Minnesota. She continued her executive education at IMD, Switzerland, Yale School of Management, Darden School of Management at the University of Virginia.
About the Wella Company
The Wella Company is one of the world’s leading beauty companies, comprised of a family of icons such as Wella Professionals, Clairol, OPI, Nioxin and ghd. With 6,000 employees globally, presence in over 100 countries, the Wella Company and its brands are on a mission to enable consumers to look and feel their true self through the power of positive change. The Wella Company is co-created and designed for the beauty junkies of today and tomorrow and remains committed to diversity & inclusion, sustainability, and a range of social causes.
For more information, visit www.wellacompany.com.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds.
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