Coty announces new CEO and shifts corporate focus to financials
Camillo Pane was brought in to lead Coty’s transition following the company’s acquisition of P&G’s beauty business. He came with notable experience in CPGs and personal care. And, at the time of his appointment to CEO, Bart Becht (then, acting interim CEO), noted that Pane “has an excellent track record of accelerating growth, improving business performance and strengthening capabilities to create a best-in-class organization,” as Cosmetics Design reported.
Today, news of Pane’s resignation comes with little explanation, only that it’s “for family reasons.”
As Pane bows out, Pierre Laubies joins the company, the board appoints a new chairman and a lead independent director as well—all moves that narrow Coty’s focus. Whatever comes next from the company will be more about financial, commercial, and operational success than it will be about brand growth.
Mission accomplished
“We are very grateful for Camillo’s many contributions to Coty during his time as CEO,” says Bart Becht, chairman of Coty, in today’s media release.
“His leadership was critically important during Coty’s integration of the P&G Specialty Beauty Business,” continues Becht. “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.”
Mission critical
As of today, Monday November 12, 2018, Pierre Laubies is Coty’s CEO. Until late 2017 Laubies was CEO of the Amsterdam-based coffee maker JDE; and he has nearly a decade of experience with CPG company Mars.
Coty’s media release makes it known that Laubies is onboard because of his financial knowhow. “Pierre has a wealth of operational and financial experience in the consumer packaged goods industry gained from his time at both Mars and Jacobs Douwe Egberts (JDE),” the release emphasizes.It goes on to note that, “At JDE, he successfully integrated the ex Mondelez coffee business fully realizing the associated synergies and reducing the debt burden of the JDE company.”
Mission statement
Along with the announcement of Laubies as CEO, Coty also announced that “the Board today is commencing a renewal process to bring new perspectives to the company and strengthen independent director representation.”
This means that there will be 2 new independent board members “with deep commercial and financial experience.” Also Peter Harf has replaced Becht as board chair (Harf has had a seat on the Coty board since 1996); and Erhard Schoewel is the board’s new lead independent director.
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Deanna Utroske, CosmeticsDesign.com Editor, covers beauty business news in the Americas region and publishes the weekly Indie Beauty Profile column, showcasing the inspiring work of entrepreneurs and innovative brands.
