Inter Parfums, Inc. Announces Retirement of Russell Greenberg to Be Succeeded by Michel Atwood as Chief Financial Officer
Inter Parfums, Inc. (NASDAQ GS: IPAR) today announced that Russell Greenberg, Executive Vice President and Chief Financial Officer, will retire on September 6, 2022, and will be succeeded by Michel Atwood, a seasoned fragrance and finance executive, as Chief Financial Officer. Mr. Greenberg will stay with the company full time until September 30, 2022 to assist with the transition.
Jean Madar, Chairman and Chief Executive Officer, commented, "Russ has played an integral role in the growth and evolution of our company for 30 years. He has been by my side for all the significant initiatives we have undertaken, through the best of times and the most challenging. He has earned, and well deserves, to devote more time to family, friends, and the activities he most enjoys. On behalf of the Board of Directors, I want to thank him for his service, commitment and friendship."
Mr. Greenberg noted, "I have been privileged to have spent most of my career at Inter Parfums where I have had the professional satisfaction of being at the starting gate of what has become a rapidly growing, highly respected, global fragrance enterprise. Throughout my three decades, I have worked with some of the best people in the industry and I feel confident that Inter Parfums will continue to thrive with Michel taking over my executive duties."
Mr. Madar continued, "We are extremely fortunate that Michel Atwood will officially take over the CFO reins on September 6th. In the past, we have interacted with him in various capacities while at different companies. Michel knows the fragrance industry inside and out, and was most recently at Estée Lauder as Vice President Finance and Strategy, providing, among other things, strategic oversight for the fragrance category across the company and leading a large team of finance professionals across the globe as a key member of ELC's Senior Finance Leadership team. Michel has also been asked to fill the Board seat Russ is vacating effective September 9, 2022, the date of our Annual Meeting of Shareholders."
About Michel Atwood
While at Estée Lauder, Michel had strategic oversight for the fragrance category across that company and operational accountability for several of its fragrance brands. He also had senior level M&A duties, including acquisition integration and brand divestitures/discontinuations. Over his nearly four years at Estée Lauder, he also drove cross-brand synergies across R&D and supply chain for the fragrance category.
From 1995 to 2017, Michel held several executive positions with growing responsibilities at Procter & Gamble in France, Switzerland, Italy and Germany. His final title at P&G was Divisional CFO of Global Prestige Fragrances, leading a 90 member team, and ultimately spearheading the divestiture of that division to Coty. Earlier he was CFO Global Markets – Prestige Fragrances, a business generating over $2 billion in sales, where he headed a globally dispersed team of 60 people supporting the go-to-market organization (affiliates, Travel Retail and distributors) of the Prestige Division. Before that, he was Global Prestige Director of Strategic Planning, Licensing and Acquisition shaping and executing the overall business direction and licensing and acquisition strategy of P&G's Global Fragrance and Premium skin and cosmetics businesses.
Born in Turkey, Michel Atwood holds a Master's degree in Software Engineering from the Institut National des Sciences Appliquées of Lyon, and a Master's in International Finance from HEC Paris, the prestigious French business school. He also earned the designation of Certified Management Accountant from the Institute of Management Accountants. He has a truly international background, working/living in France, Switzerland, the U.S., Canada, Turkey and Italy.
Founded in 1982, Inter Parfums, Inc. develops, manufactures and distributes prestige perfumes and cosmetics as the exclusive worldwide licensee for Abercrombie & Fitch, Anna Sui, Boucheron, Coach, Ferragamo, Graff, GUESS, Hollister, Jimmy Choo, Karl Lagerfeld, Kate Spade, MCM, Moncler, Montblanc, Oscar de la Renta, S.T. Dupont, Ungaro and Van Cleef & Arpels. Inter Parfums is also the owner of Lanvin fragrances and the Rochas brand. Through its global distribution network, the Company's products are sold in over 120 countries.
Statements in this release which are not historical in nature are forward-looking statements. Although we believe that our plans, intentions and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. In some cases you can identify forward-looking statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would," or similar words. You should not rely on forward-looking statements, because actual events or results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to, the risks and uncertainties discussed under the headings "Forward Looking Statements" and "Risk Factors" in Inter Parfums' annual report on Form 10-K for the fiscal year ended December 31, 2021 and the reports Inter Parfums files from time to time with the Securities and Exchange Commission. Inter Parfums does not intend to and undertakes no duty to update the information contained in this press release.
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