Coty Announces New CEO & Board Members
This week, Coty Inc. announced the resignation of its CEO Camillo Pane –citing family reasons, and appointed Pierre Laubies –former CEO of Jacobs Douwe Egberts, effective immediately.
Laubies has a wealth of operational and financial experience in the consumer packaged goods industry gained from his time at both Mars and JDE –a leading player in the global coffee category. At JDE, he successfully integrated the ex Mondelez coffee business fully realizing the associated synergies and reducing the debt burden of the JDE company.
Additionally, Peter Harf is taking over the Chairman’s role from Bart Becht, effective immediately.
“A tremendous amount of progress has been made under Camillo’s leadership over the last two years in establishing the new Coty, a distinctive purpose, a strong portfolio of iconic brands, core capabilities, great talent and a global footprint. stated, Edgar Huber, President, Coty Luxury. “Following the merger with P&G Beauty brands – the most important ever in our industry – Camillo also built a much stronger management team and delivered on the synergy commitments associated with the transaction. While much progress has been made in this area, there are still some challenges as we work towards the full transformation of Coty.”
“Pierre is uniquely suited to succeed in this role as an experienced former CEO, with strong leadership qualities, proven experience of successfully integrating and turning around businesses in the consumer sector, as well as delivering financial results and improved cash flows,” Huber continued. “He has a strong track record of operational, commercial and financial turnaround gained from his time at both Mars and JDE, as well as extensive commercial experience internationally, having worked in senior leadership roles in numerous markets. Pierre then has the right combination of skills and experience to lead the company into this next phase.”
In parallel, the Board is commencing a renewal process to bring new perspectives to the company and strengthen independent director representation. Specifically, the Board has started a process to add two new independent Board members with deep commercial and financial experience,” Huber said.
The Board has also decided to appoint Erhard Schoewel as its Lead Independent Director.
Coty is one of the world’s largest beauty companies with over $9 billion in revenue, an iconic portfolio of brands and a purpose to celebrate and liberate the diversity of consumers’ beauty. We believe the beauty of humanity lies in the individuality of its people; beauty is at its best when authentic; and beauty should make you feel happy, never sad. As the global leader in fragrance, a strong number two in professional salon hair color & styling, and number three in color cosmetics, Coty operates three divisions: Consumer Beauty, which is focused on mass color cosmetics, mass retail hair coloring and styling products, body care and mass fragrances with brands such as COVERGIRL, Max Factor, Bourjois and Rimmel; Luxury, which is focused on prestige fragrances and skincare with brands such as Calvin Klein, Marc Jacobs, Hugo Boss, Gucci and philosophy; and Professional Beauty, which is focused on servicing salon owners and professionals in both hair and nail, with brands such as Wella Professionals, Sebastian Professional, OPI and ghd. Coty has 20,000 colleagues globally and its products are sold in over 150 countries. Coty and its brands are committed to a range of social causes as well as seeking to minimize its impact on the environment.
For additional information about Coty Inc., please visit www.coty.com.