Coty’s chief executive resigns days after supply chain issues saw shares dive 22 per cent
Coty chief executive Camillo Pane has stepped down with immediate effect due to family reasons, the company said today.
The cosmetics company named Pierre Laubies, previously chief executive of coffee giant Jacobs Douwe Egberts (JDE), as Pane’s successor.
Chairman Bart Becht said: “We are very grateful for Camillo’s many contributions to Coty during his time as chief executive.
“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.”
Becht himself is stepping down from the chairman role, which director Peter Harf will fill effective immediately, while the board has decided to appoint Erhard Schoewel as its lead independent director.
Coty's share price grew three per cent on the news.
The announcements come less than a week after Coty said temporary supply chain problems had caused a 7.7 per cent decline in its first quarter like-for-like sales. The company’s share price plummeted 22 per cent after the results were published.
Coty has been plagued by supply chain problem since it bought beauty brands such as Cover Girl and Clairol from Procter & Gamble in a $12bn (£9.3bn) deal in 2016.
The supply chain issues were worsened by Hurricane Florence, which disrupted product shipments in September.
In its statement the company said it was beginning a “renewal process” and plans to add two new board members.