KKR, a world funding agency buying 60% of Wella from Coty Inc., named Annie Younger-Scrivner as the brand new Chief Government Officer (CEO) of the Wella Firm. The appointment will turn out to be efficient upon shut of the previously announced transaction.
After the transaction closes, the Wella Firm will function as a separate firm with its personal administration crew and operational buildings. Wella might be comprised of the property of Coty’s Skilled and Retail Hair companies, together with the Wella Skilled, Clairol, OPI, Nioxin and ghd manufacturers, that are valued at $4.3 billion on a cash- and debt-free foundation beneath the phrases of the transaction. KKR will personal 60% of the Firm and Coty will personal the remaining 40%.
“I’m honored to affix Wella at such a pivotal time within the model’s historical past because it celebrates 140 years of partnering with magnificence professionals and salon house owners,” Younger-Scrivner stated. “I’ve lengthy admired Wella’s iconic manufacturers and breakthrough improvements, and I’m wanting ahead to partaking with the crew as we work to develop the portfolio of manufacturers and improve the Firm’s share of the $90 billion Hair and Nail magnificence class.”
Present President of Coty’s Skilled and Retail Hair companies, Sylvie Moreau, will stay in her position till the transaction between KKR and Coty closes. “I want to thank Sylvie for forsaking a beautiful legacy, a exceptional crew and a strong basis from which we’ll develop,” stated Younger-Scrivner.
Moreau commented: “It’s been an incredible journey. I like this business, its folks, our manufacturers and most of all, my groups across the globe. Stepping down is essentially the most difficult determination of my profession but I consider my mission at Wella has been fulfilled. Having led Wella to independence once more might be my legacy. I’m very happy with what we have now achieved collectively, and I deeply thank the #wellafamily for rewarding me with their belief and assist via these a few years.
“It comforts me to depart this group in nice fingers. Annie is a superb chief who believes within the energy of individuals and who’ll convey a contemporary level to the enterprise and to the Management Staff, because the Wella Firm embarks on its subsequent chapter.”
Younger-Scrivner joins Wella from GODIVA Chocolatier the place she served as CEO for the final three years. The press launch announcement says her tenure at GODIVA was marked by accelerating development with enlargement into new channels and classes to make the enduring model extra accessible to customers, whereas honoring the model’s heritage.
Along with being the driving pressure behind GODIVA’s social affect efforts to empower ladies, Younger-Scrivner additionally led the enhancement of GODIVA’s digital expertise, making it a essential element to the model’s ecosystem.
Throughout her three-ecade profession, Younger-Scrivner has demonstrated distinctive energy in model, digital, and expertise growth throughout completely different channels. Having labored in additional than 30 international locations all over the world, she brings a deep understanding of worldwide markets. Previous to GODIVA, she spent seven years in various senior positions at Starbucks Company the place she helped elevate the model and buyer expertise whereas fueling an innovation pipeline that led to double-digit development.
Present President of Coty’s Skilled and Retail Hair companies, Sylvie Moreau
“We’re thrilled that Annie will convey her large ardour for the buyer sector, her dedication to numerous and inclusive organizations, and her confirmed observe document of constructing the worth of shopper manufacturers and companies to the newly shaped Wella Firm,” stated Tim Franks, Companion at KKR and Head of Shopper & Retail in its European Non-public Fairness enterprise.
As CEO, Ms. Younger-Scrivner will report back to Wella’s Board of Administrators. The standalone Wella Firm is anticipated to have an estimated 6,000 staff and stay a prime world participant within the skilled magnificence business, serving over 250,000 hair and nail salons in over 100 international locations and serving customers globally via its iconic retail manufacturers.
“Given Annie’s huge world expertise in working with B2B and B2C companies and her intuitive understanding of digital engagement in consumer-centric industries, we’re assured she is going to assist unlock the true potential of Wella’s portfolio,” stated Nancy Ford, Managing Director at KKR within the Americas Non-public Fairness enterprise.
The transaction is anticipated to shut by the tip of the 12 months.
Annie Younger-Scrivner Biography
Younger-Scrivner served as CEO of GODIVA Chocolatier since August 2017. Previous to becoming a member of GODIVA, she served in a wide range of senior govt roles at Starbucks Company since 2009, together with: Government Vice President, International Digital & Loyalty Growth; President, Teavana & Government Vice President of International Tea; President of Starbucks Canada; and International Chief Advertising Officer & President of Tazo Tea. Previous to her time at Starbucks, Ms. Younger-Scrivner spent 19 years at PepsiCo, serving in senior management positions in gross sales, advertising and basic administration together with: Chief Advertising Officer and Head of Gross sales for Quaker Meals and Snacks Division; Chairman and Area President of PepsiCo Meals Better China; and Vice President and Basic Supervisor of PepsiCo’s Goal crew.
Younger-Scrivner at present serves on the Board of Administrators of Tiffany & Co., and YUM! Manufacturers and beforehand served on the Board of Macy’s Inc. Ms. Younger-Scrivner holds a B.A. from the Foster College of Enterprise, College of Washington, and an Government M.B.A. from the Carlson College of Enterprise, College of Minnesota. She continued her govt schooling at IMD, Switzerland, Yale College of Administration, Darden College of Administration at College of Virginia.
In regards to the Wella Firm
The Wella Firm* is without doubt one of the world’s main magnificence corporations, comprised of a household of icons reminiscent of Wella Professionals, Clairol, OPI, Nioxin and ghd. With 6,000 staff globally, presence in over 100 international locations, the Wella Firm and its manufacturers are on a mission to allow customers to feel and appear their true self via the ability of optimistic change. The Wella Firm is co-created and designed for the sweetness junkies of immediately and tomorrow and stays dedicated to range & inclusion, sustainability, and a variety of social causes. Additional details about the Wella Firm might be discovered right here: www.wellacompany.com.
*The brand new firm will solely be operational beneath the Wella Firm title and emblem upon the deal’s closing.
KKR is a number one world funding agency that manages a number of various asset lessons, together with non-public fairness, credit score and actual property, with strategic companions that handle hedge funds. KKR goals to generate enticing funding returns for its fund traders by following a affected person and disciplined funding strategy, using world-class folks, and driving development and worth creation with KKR portfolio corporations. KKR invests its personal capital alongside the capital it manages for fund traders and supplies financing options and funding alternatives via its capital markets enterprise. References to KKR’s investments might embody the actions of its sponsored funds. For added details about KKR & Co. Inc. (NYSE: KKR), please go to KKR’s web site at www.kkr.com and on Twitter @KKR_Co.
Coty is without doubt one of the world’s largest magnificence corporations with an iconic portfolio of manufacturers throughout perfume, coloration cosmetics, hair coloration and styling, and pores and skin and physique care. Coty is the worldwide chief in perfume, a powerful quantity two in skilled hair coloration & styling, and quantity three in coloration cosmetics. Coty’s merchandise are offered in over 150 international locations all over the world. Coty and its manufacturers are dedicated to a variety of social causes in addition to looking for to reduce its affect on the surroundings. For added details about Coty Inc., please go to www.coty.com.
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Initially posted on Modern Salon