[ad_1]
Annie Young-Scrivner has stepped down as the chief executive officer of Wella Co. Current board chair Glenn K. Murphy has been appointed by the board to oversee the company as executive chair. The company noted family matters as a contributing reason for Young-Scrivner’s departure.
Murphy has been Wella Co.’s board chair for the last two years and previously held multiple CEO and executive chair roles at companies including Gap Inc., Lululemon Athletica, Inc., and Shoppers Drug Mart Inc.
“This is a pivotal time in Wella Company’s evolution, and I am excited to oversee the work of the team as we elevate the business to new levels of performance and success,” said Murphy.
He added, “In Annie’s four years as Wella Company’s CEO, she helped establish a solid foundation for future growth. We thank her for her many contributions and wish her all the best.”
Young-Scrivner was named CEO of Wella in October 2020. At the time, the company was newly formed, with KKR acquiring 60 percent of Wella from Coty Inc., and its brands include Wella Professionals, Clairol, OPI, Nioxin, and GHD.
Since then, Young-Scrivner, previously CEO of Godiva Chocolatier, used her strengths in brand, digital and talent development to help Wella navigate a global pandemic, which affected its salons globally, and oversaw the acquisition of Briogeo, the natural hair care brand founded by Nancy Twine in 2013, for an undisclosed sum.
In July 2023, Coty had revealed plans to sell a 3.6 percent stake in Wella to investment firm IGF Wealth Management in a further move to pay down debt. In November of that year, it transpired that the deal had not materialized because the two parties were not aligned on deal terms. Coty has nevertheless reiterated its commitment to divest its remaining 25.9 percent stake in Wella.
According to WWD Beauty Inc Top 100 Beauty Manufacturers ranking, Wella’s sales were $2.19 billion in 2023, up 8.1 percent versus 2022. Ghd appliances revenues, which were not included in the overall sales numbers, were $380.5 million.
[ad_2]
Source link
