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Coty’s CEO resigns

BY Antoinette Alexander

NEW YORK — Coty announced on Monday that CEO Michele Scannavini has stepped down from his role at the company and resigned from Coty's board for personal reasons.

Coty's chairman, Bart Becht, will become interim CEO, working with Coty's executive committee to ensure a smooth transition and oversee major decisions at the company. The company plans to immediately begin its search for Scannavini's permanent successor. Becht will remain as chairman of the company once a permanent successor has been appointed.

"I want to thank Michele for his many contributions during his career at Coty," stated Becht. "Michele has been a material part and key contributor to Coty's success over the past decade. We would like to thank him in particular for taking Coty public through a listing on the New York Stock Exchange and developing a clear strategy for Coty's future.  We will miss Michele's professionalism and humanity; we wish him the very best as he moves on to the next phase of his career."

Becht joined the Coty board as chairman in 2011. From 1999 to 2011, he served as CEO of Reckitt Benckiser, a consumer goods company in the field of household cleaning and health and personal care. Becht also held a variety of marketing, sales and finance positions at Procter & Gamble. 

Becht added, "Coty is a great company and leader in the global beauty industry thanks to its extraordinary group of talented employees and strong portfolio of category-leading brands. It is also a company that is well positioned to extend its leadership in the beauty industry in a way that drives shareholder value over the long term. To achieve both, the board intends to put in place a permanent CEO who will further accelerate Coty's progress towards its stated strategic priorities of growing Coty's power brands across the globe and implementing its global efficiency plans. We believe both a clear focus on and execution of these priorities should help drive both profitable growth and shareholder value. "

"I feel honored to have led Coty through an important chapter of its history and proud to have contributed to the success of the company over the last 12 years," stated Scannavini. "It has been an extremely rewarding adventure, developing great brands and leading a group of exceptionally talented and passionate people. I wish Coty and my long-time colleagues the brightest future and many more years of success."
 

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China Securities Regulatory Commission approves Alliance Boots stake in pharmaceutical distributor

BY Michael Johnsen

ZUG, Switzerland — Alliance Boots on Monday announced that China Securities Regulatory Commission has approved the group's investment in Nanjing Pharmaceutical Company Limited. This approval, following the authorization recently received from China's Ministry of Commerce, paves the way for the completion of the investment in the coming weeks. 
 
As a result of the investment, Alliance Boots will become the second largest shareholder in Nanjing Pharmaceutical Company Limited with Board and operational management.
 
In September 2012, Alliance Boots announced that it will acquire a 12% stake in Nanjing Pharmaceutical Company Limited, through a private placement, for a total consideration of approximately £56 million ($91 million in today's dollars). Nanjing Pharmaceutical Company Limited, listed on the Shanghai Stock Exchange, is the seventh-largest pharmaceutical wholesaler in China with sales of around $3.3 billion in 2013.
 
Alliance Boots first entered the Chinese market in 2008 through its joint venture Guangzhou Pharmaceuticals Corporation, which operates in complementary geographies and continues its successful development.
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Walmart names Instagram co-founder Kevin Systrom to board

BY Michael Johnsen

 

BENTONVILLE, Ark. — Walmart on Monday named Kevin Systrom, an entrepreneur, software engineer and co-founder of photo-sharing service Instagram, as a new member of the company’s board, effective Sept. 26. Systrom becomes the 15th member of the board and will also serve as a member of the company’s Technology and eCommerce Committee and its Compensation, Nominating and Governance Committee.
 
“Kevin’s entrepreneurial background and his technical and digital expertise will be invaluable as we further connect with customers and deploy new capabilities through e-commerce and mobile channels,” stated Walmart chairman Rob Walton. “Walmart is investing in e-commerce capabilities through talent, technology and fulfillment. Kevin’s passion and deep knowledge of social media align with our focus to engage customers through our digital and physical channels.”
 
“Walmart has had a profound impact as a global leader in retail,” Systrom said. “It’s an honor to join the Walmart board and have an opportunity to help provide more convenient and flexible ways for people to shop.”
 
Systrom, 30, is best known as CEO and co-founder of Instagram, the photo-and-video sharing social networking service. Founded in 2010, Instagram was acquired by Facebook in August 2012. Systrom is currently CEO of Instagram, where he is responsible for its day-to-day operations and has overseen its growth to more than 200 million monthly active accounts.
 
A native of Massachusetts, Systrom holds a B.S. in management science and engineering from Stanford University. Since 2011, Systrom has consistently been ranked in lists such as Fortune's 40-under-40 and TIME’s 100 most influential people.

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