Pierre Laubies has been appointed chief executive officer of Coty Inc.
The move comes upon the resignation of Coty's former ceo, Camillo Pane, who took the helm as Coty acquired 41 beauty brands from Procter & Gamble, in 2016. The company also said that Bart Becht is stepping down as chairman, and Peter Harf will take over the role. Erhard Schoewel has been appointed lead independent director.
The news comes shortly after Coty reported sharp dips in sales for most of its business segments, which it said were mostly because of back-end disruptions. Some of those disruptions were part of the P&G brands integration, but others were caused by Hurricane Florence and component shortages from external suppliers.
"We are very grateful for Camillo's many contributions to Coty during his time as ceo," said Bart Becht, chairman of Coty. "His leadership was critically important during Coty's integration of the P&G Specialty Beauty Business. Following the transaction, Camillo greatly accelerated the growth of the Luxury and Professional businesses, built a much stronger management team and delivered on the synergy commitments associated with the transaction. We are all very thankful for Camillo's valued service, his exemplary leadership and his passion for beauty and Coty's brands and people over the last years."
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Pierre Laubies Appointed Coty CEO, Camillo Pane Resigns
