Bernd Beetz hands Coty’s reins to Michele Scannavini.

Bernd Beetz has stepped aside at Coty, turning the fragrance and beauty giant’s control over to Michele Scannavini, who becomes the new chief executive officer of Coty Inc. after Beetz’s 11 years in the role. Coty, which has been prominent in the news over the last few months for its failed attempts at an Avon takeover, is in the process of pursuing an IPO. Beetz will remain on the Coty board as a non-executive director, continuing to share his experience and contribute to a smooth leadership transition supporting Scannavini. Scannavini previously served as president of the company’s prestige business, creating a large fragrance portfolio with exclusive luxury licenses, and guiding the company’s growing presence in skin and body care.