Dive Brief:
- After five years in the position, Tula Skincare Chief Executive Officer Savannah Sachs will step down from the role, effective Aug. 22, according to a LinkedIn post this week.
- Colin Walsh — CEO of Specialty Beauty at Tula owner Proctor & Gamble — will act as interim CEO for the skin care brand until a permanent appointment is made.
- Sachs joined Tula as its chief executive in 2018 and has decided to seek out new opportunities, according to the LinkedIn post.
Dive Insight:
Sachs' tenure at Tula comes to an end under different ownership than when the executive entered the role.
"It’s rare that multiple acquired brands join a business at the same time, and it’s been a pleasure to see how all of our CEOs collaborate, learn from & support each other," P&G Beauty CEO Alex Keith said in a LinkedIn post. "Now, with this new transition, this is even more important."
Sachs previously served in various leadership roles at Birchbox, including as its chief operating officer and U.K. managing director. Tula’s new interim CEO, Walsh, also acts as CEO of hair care brand Ouai and previously served in the chief executive role at Deva Curl.
Tula was acquired by P&G in 2022, along with Farmacy Beauty and Ouai. P&G in 2022 spent $1.4 billion in cash for acquisitions, primarily related to Tula, Farmacy Beauty and Ouai, per its annual report. The company also acquired hair care brand Mielle Organics in January, noting that it would continue to be run by CEO Monique Rodriguez and COO Melvin Rodriguez.
Tula describes itself as a digitally native brand focused on direct to consumer, though it does sell through wholesale partners Sephora, Ulta Beauty, Nordstrom and Neiman Marcus in the U.S.
