Coty names P&G's Strobel as interim chief; Nabi to leave company

Dec 22 (Reuters) - U.S. cosmetics maker Coty COTY.N named Procter & Gamble veteran Markus Strobel interim chief executive and executive chairman on Monday, handing him the reins as the CoverGirl parent battles a steep share-price slide and pressure on its mass-market business.

Coty’s shares have fallen more than 50% this year as the company struggles to revive sales amid intensifying competition from newer beauty brands.

Strobel, who spent more than three decades at Procter & Gamble PG.N and most recently led its global skin and personal care division, will take over from Sue Nabi, who is stepping down after five years as CEO, the company said.

Coty did not say when it expects to name a permanent chief. Strobel, who has previously worked with Gucci, Dolce & Gabbana, Valentino and Hugo Boss, takes charge on January 1.

"I see tremendous potential to accelerate growth, strengthen our position in prestige and mass beauty, and deliver sustainable value for shareholders, partners, and consumers worldwide," Strobel said.

Financial Times reported in December that Coty's controlling shareholder JAB Holding was planning a leadership overhaul at the company that could result in Nabi's exit. Coty reiterated that it has launched a strategic review of its consumer beauty business, adding that Strobel would have the "full support of the board."

Consumer goods companies are swapping chief executives almost as quickly as sports teams change coaches as boards grow impatient with weak growth, U.S. tariff uncertainty and the challenge of attracting younger shoppers.

Kraft Heinz has tapped industry veteran and former Kellogg chief Steve Cahillane as its new CEO, marking the latest leadership shift among household brands this year.

Coca-Cola KO.N and yoga apparel maker Lululemon LULU.O have also named new chiefs, joining peers such as Unilever ULVR.L and Nestle NESN.S in reshuffling top management.