It’s official: Wella Company has a new CEO. On Thursday, KKR, a global investment firm, announced the appointment of Annie Young-Scrivner as the company’s new chief executive officer.
Most recently, Young-Scrivner was the CEO of GODIVA Chocolatier, a position that she held for the last three years. She will begin her new role once KKR acquires 60 percent of Wella from Coty Inc., a transaction that is expected to take place at the end of the year. Once the transaction closes, Coty will own the remaining 40 percent of the company and Wella Company will operate as a separate company, with its own management team and operational structures.
Under the terms of the transaction, Wella will be made up of the assets of Coty’s Professional and Retail Hair businesses, including Wella Professionals, Clairol, OPI, Nioxin, and ghd brands, which are valued at $4.3 billion on a cash- and debt-free basis. Until the deal is finalized, current President of Coty’s Professional and Retail Hair business, Slyvie Moreau, will remain in her role.
Moreau reflected on the “amazing journey” that she’s had leading Wella brands in a statement. “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,” she shared. “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.”
“I would like to thank Slyvie for leaving behind a wonderful legacy, a remarkable team and a solid foundation from which we will grow,” said Young-Scrivner, who will report to Wella’s Board of Directors as CEO. “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. 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.”
Both Wella and KKR had nothing but positive things to say about Young-Scrivner and her previous experience, particularly about her tenure at GODIVA that was “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.“ According to the press release, the executive was also responsible for spearheading GODIVA’s social efforts to empower women and leading the enhancement of the company’s digital experience, which was critical to the brand’s ecosystem.
“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 consumers brands and businesses to the newly formed Wella Company,” said Tim Franks, a partner at KKR and Head of Consumer & Retail in its European private equity business.
Nancy Ford, who serves as Managing Director at KKR in the Americas private equity business, also spoke highly of Young-Scrivner, adding that given her “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.”
To learn more about Wella Company, be sure to visit their website here.
