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 lately for its failed attempts at an Avon takeover, is in the process of pursuing an IPO.

Beetz will remain a board member and shareholder.

Scannavini, who is president of the company’s prestige business, will assume his new role Aug. 1.