The Supply Side briefs: Coty CEO exit, Seaboard’s meat sale

by The City Wire staff ([email protected]) 115 views 

• Coty CEO steps down
Coty Inc. CEO Michele Scannavini has stepped down from his role at the company for personal reasons and resigned his board seat.  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 intends to commence a search process for Scannavini's permanent successor immediately, meanwhile 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," said 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.”

Becht joined the Coty board of directors as chairman in 2011. From 1999 to 2011, he served as CEO of Reckitt Benckiser. Becht also held a variety of marketing, sales and finance positions at Procter & Gamble. He earned  a master’s degree in business from the University of Chicago and a bachelor’s degree in economics from the University of Groningen in the Netherlands.

"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," said Scannavini. "It has been an extremely rewarding adventure, developing great brands and leading a group of exceptionally talented and passionate people.”

Coty is a supplier to Wal-Mart Stores and maintains a sales team and office operation in Bentonville.

• Seaboard sell large interest in meat division
Seaboard Corp. has sold a 50% stake in Daily’s Premium Meats, its processed meats division, to Triumph Foods for $72.5 million. In conjunction with the transaction, Kelly Hattan was named president of Daily’s.

Daily’s manufactures a variety of processed pork products, ranging from flavored bacons to hams and sausages. The company has processing plants in Salt Lake City, and Missoula, Mont.

“This partnership will enable Daily’s to further solidify a supply of high-quality raw materials while providing additional capital to expand production and the geographical footprint where Daily’s sells its products,” Hattan said. “I’m excited about the significant opportunities for growth as a result of this enhanced partnership.”

Seaboard and Triumph have been longtime partners on a variety of fronts. Seaboard, for example, sells fresh products produced by Triumph’s St. Joseph, Mo., plant. The products are sold under the Seaboard Farms, St. Joe Pork and PrairieFresh Pork brands.

Seaboard and Triumph are suppliers to Wal-Mart Stores with local sales teams in Northwest Arkansas.