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Elliott Takes $1 Billion Stake in Lululemon, Pushes for Ralph Lauren Exec to Be Next CEOIs Sue Nabi About to Exit Coty?Shares of the company closed down 3.5 percent to $3.15 on Monday.Strobel joins Coty after a 33-year career at Procter & Gamble, where he most recently served as president of P&G’s global skin and personal care business. During his tenure, he held senior roles across beauty and grooming spanning fine fragrance, hair care and grooming, including leading prestige brands like Gucci, Dolce & Gabbana, Valentino and Hugo Boss as part of his fragrance assignment.“I am delighted to join Coty at this important juncture,” Strobel said. “Building on Coty’s strong foundations, 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 succeeds Peter Harf as executive chairman. Harf will retire from Coty’s board after more than three decades of service, while Nabi is stepping down as CEO following a five-year tenure.According to an SEC filing, Strobel will receive an annual base salary of $1.25 million, which will be reduced to $1 million at such time that he is no longer serving as interim CEO. He’ll also be eligible for a one-time cash sign-on bonus of $940,000, in addition to an equity grant under the company’s equity and long-term incentive plan.Nabi was beauty’s highest-paid beauty executive in the U.S. in 2023, the latest figures released, with a total compensation of $149.4 million. She spent 20 years working at L’Oréal prior to launching Orveda.In connection with her departure, Nabi is entitled to receive a lump sum cash payment of approximately $1.74 million, representing six months of base salary. The separation agreement further provides for the vesting of approximately 2,083,333 restricted stock units. All other outstanding and unvested equity awards held by Nabi as of the separation date will be forfeited. In exchange for these separation benefits, Nabi “provided a general release of claims against the company and reaffirmed certain existing restrictive covenants, including confidentiality and non-solicitation obligations,” according to the SEC filing.The executive changes come at a trying time for Coty, which is set to lose its jewel-in-the-crown Gucci license for fragrance and beauty when it expires in 2028. 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