The Procter & Gamble Company announced that Dr. Heiner Gurtler will step down from his position as group president-global prestige & professional care and as CEO of Wella. He has separately advised the Wella AG supervisory board of his intention to resign from his position as chairman of the management board (CEO) of Wella AG, effective Oct. 1, 2005.
"With the formation of P&G Global Prestige & Professional Care, and the move to our new operating model, we have set the strategic course for a successful future for the Wella core businesses of professional (salon business) and cosmetics and fragrances within the P&G group," commented Dr. Gurtler. "This next step in our evolution builds upon a proud heritage of our people and the strong business results we have delivered. All through our partnership with P&G it was important to me to ensure we have a framework that will further accelerate our business development while providing the best possible opportunities for our employees. Now that we have achieved that, I feel the time is right for me to hand over our operations to the next generation of leaders, in whom I have full confidence."
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P&G and Wella AG Make Management Changes
Unilever to Sell Perfume Unit to Coty for $800 Million
Unilever NV announced it is selling its prestige perfumes business to privately held Coty Inc. for $800 million. The company said it might also receive up to $100 million based on future sales.
The unit had sales of more that $600 million in 2004. For Coty, with 2004 sales over $2 billion, the deal will boost its position in the beauty industry and make it one of the world's largest perfume makers.
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