Wella Company Names New CEO
The Wella Company’s new management structure is starting to be revealed with the appointment Thursday of Annie Young-Scrivner as its new chief executive officer.
Young-Scrivner, who most recently served as ceo of Godiva Chocolatier for the last three years, will start in the position once the transaction closes involving KKR acquiring 60 percent of Wella from Coty Inc. That is expected to take place at the end of this year.
The president of Coty’s Professional and Retail Hair business, Sylvie Moreau, will maintain her role until the deal is done. At that time, Wella Company will operate separately from Coty, with its own team and operational structures.
The Wella Professional, Clairol, OPI, Nioxin and Ghd brands making up Wella Company are valued at $4.3 billion on a cash- and debt-free basis under the transaction’s terms.
Once the deal is finalized, Coty will own the remaining 40 percent of Wella Company.
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KKR and Wella said in a statement that Young-Scrivner’s “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.”
The executive steered Godiva’s efforts to empower women and developed the company’s digital experience, which became a key part of the business, according to the statement.
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“During her three-decade career, Ms. Young-Scrivner has demonstrated exceptional strength in brand, digital and talent development across different channels,” the company said. “Having worked in more than 30 countries around the world, she brings a deep understanding of global markets.”
Before working at Godiva, Young-Scrivner held numerous senior positions at Starbucks Corp., where she focused on the brand and consumer experience, plus innovation, which resulted in double-digit growth.
The executive began her career at PepsiCo Inc., where she served in sales, marketing and general management roles for over 19 years.
Tim Franks, a partner at KKR and head of consumer and retail in its European private equity business, in the statement said Young-Scrivner will be bringing “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.”
“Given Annie’s vast global experience in working with b-to-b and b-to-c 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,” added Nancy Ford, managing director at KKR in the Americas private equity business.
Young-Scrivner recognized she will be joining Wella at a pivotal moment, as it celebrates its 140th birthday.
“I have long admired Wella’s iconic brands and breakthrough innovations, and I am looking forward to engaging with the team as we work to growth the portfolio of brands and increase the company’s share of the $90 billion hair and nail beaut category,” she said.
Young-Scrivner will report to Wella’s board of directors. The freestanding company is to have an estimated 6,000 employees and serve more than 250,000 hair and nail salons in over 100 countries.
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