Newly Formed Wella Company Names New CEO
Wella Company Will Operate As Separate Company With New CEO
Today, KKR named Annie Young-Scrivner as the new Chief Executive Officer (CEO) of the Wella Company, with brands including Wella Professionals, Clairol, OPI, Nioxin, and ghd. The appointment will become effective upon close of the previously announced transaction in which KKR is acquiring 60% of the Wella from Coty Inc., expected to close by the end of the year.
After the transaction closes, 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, 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, Annie 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.
Annie joins Wella from GODIVA Chocolatier, where she served as CEO for the last three years. Her tenure at GODIVA is marked by accelerating growth with expansion into new channels and categories to make the iconic brand more accessible to consumers, while honoring the brand’s heritage. In addition to being the driving force behind GODIVA’s social impact efforts to empower women, she also led the enhancement of GODIVA’s digital experience, making it a critical component to the brand’s ecosystem.
During her three-decade career, Annie has demonstrated exceptional strength in brand, digital and talent development across different channels. Having worked in more than 30 countries around the world, she brings a deep understanding of global markets. Prior to GODIVA, Annie spent seven years in a number of senior positions at Starbucks Corporation, where she helped elevate the brand and customer experience while fueling an innovation pipeline that led to double-digit growth. Her leadership on digital and loyalty helped Starbucks’ operations across the globe to engage with its consumer in more meaningful ways. She started her career at PepsiCo Inc. where she held senior leadership roles in sales, marketing and general management during her 19-year tenure with the business.
“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.
“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,” Annie 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.”
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 Annie.
“It’s been an amazing journey. I love this industry, its people, our brands and most of all, my teams around the globe. Stepping down is the most challenging decision of my career yet I believe my mission at Wella has been fulfilled. Having led Wella to independence again will be my legacy. I am very proud of what we have accomplished together, and I deeply thank the #wellafamily for rewarding me with their trust and support through these many years,” said Sylvie. “It comforts me to leave this organization in great hands. Annie is a wonderful leader who believes in the power of people and who’ll bring a fresh point to the business and to the Leadership Team, as the Wella Company embarks on its next chapter,” she concluded.
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