KKR appoints Annie Young-Scrivner as Wella CEO
As KKR finalizes its purchase of a majority stake in Coty’s professional and retail hair businesses for $3 billion, the investment firm announced on Thursday that it has named Annie Young-Scrivner as the CEO of the Wella Company, the newly independent structure made up of the acquired brands.
Effective upon the closure of the acquisition, Young-Scrivner’s new appointment will therefore see her head up a beauty company with a brand profile featuring Wella Professional, Clairol, OPI, Nioxin and GHD. She will report to Wella’s board of directors.
The executive joins the group from New York-based Godiva Chocolatier, where she has been serving as CEO for the last three years. During her tenure at Godiva, the chocolate company saw accelerated growth, expanded into new channels and categories, and greatly improved its digital experience. Young-Scrivner was also instrumental in driving the company’s efforts to empower women within the organization.
Wella’s new CEO has worked in more than 30 countries over the course of her three-decade career, having spent seven years in a series of different senior roles at the Starbucks Corporation prior to joining Godiva. The executive helped enhance brand and customer experience at the company, which experienced double-digit growth while she worked there.
Young-Scrivner began her career at PepsiCo Inc. and went on to spend 19 years with the company, ultimately serving in a range of senior sales, marketing and general management roles.
“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 KKR partner and head of consumer and retail Tim Franks in a release.
Once the KKR transaction closes, the Wella Company will operate as a separate entity, with its own management team and operational structures. KKR will own 60% of the new company, while Coty will maintain a 40% stake.
Sylvie Moreau, president of Coty’s professional and retail hair businesses, will continue to oversee the company until the acquisition closes, which is expected to happen before the end of the year.
“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 Young-Scrivner. “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.”
The newly created Wella Company is expected to have around 6,000 employees and serve more than 250,000 hair and nail salons in over 100 countries.
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