NEW YORK (AP) — Beauty products company Coty Inc., which is looking to go public, says that CEO Bernd Beetz is retiring.

The New York company, known for its celebrity fragrances, named Coty Prestige President Michele Scannavini to fill the post Wednesday. The appointment is effective in August.

Chairman Bart Becht says that Scannavini was the key architect behind Coty's designer brand licenses and the growth of its fragrances business.

Beetz, who had served as CEO since 2001, will stay on Coty's board as a non-executive director. He says he plans to give more time to charitable work and write a book.

Coty, founded in Paris in 1904, dropped walked away from its $10.7 billion takeover bid for Avon earlier this year.