Coty CEO Camillo Pane steps down
American cosmetics and fragrance company Coty Inc announced on Monday that its CEO, Camillo Pane, is stepping down for family reasons, effective immediately.
Bart Becht, chairman of Coty, said: “We are very grateful for Camillo’s many contributions to Coty during his time as CEO. 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.
The company has appointed Pierre Laubies, former CEO of Dutch beverage brand Jacobs Douwe Egberts, to replace Pane, also effective immediately.
The company also said that it plans to strengthen its board with the addition of two new independent members. Peter Harf takes over as chairman from Bart Brecht, and Erhard Schoewel has been appointed as lead independent director.
The announcement comes days after Coty, whose three-pronged consumer, luxury and professional portfolio includes brands such as Covergirl and Burberry, announced a steeper-than-expected drop in its first quarter sales. Net revenue fell 9.2 percent to $2.03 billion, falling short of analyst estimates. Coty attributed the decline to supply chain disruptions, describing its Q1 performance as “very disappointing.”
Copyright © 2021 FashionNetwork.com All rights reserved.