On Monday morning Coty Inc. announced the resignation of Camillo Pane, current CEO of Coty, citing family reasons as the explanation for the abrupt departure. The company has named Pierre Laubies as the new CEO, 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. 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.”
Pierre joins Coty with experience in consumer packaged goods gained from his time at both Mars and Jacobs Douwe Egberts (JDE). Until recently, Pierre was CEO of JDE, a leading player in the global coffee category. At JDE, he successfully integrated the Mondelez coffee business, fully realizing the associated synergies and reducing the debt burden of the JDE company.
While Pierre’s experience at CPG firms is “assuring,” Jefferies Research LLC posted in a recent note, “The beauty industry is passion driven, emotive and dynamic, with intensifying competition, changing distribution and new marketing modalities that constrain the power of big brands. The deviation in the beauty category from traditional CPG may prove to be the incoming CEO’s greatest challenge, even beyond the synthesis of operational strategies.”
Coty’s Board also announced the addition of two new independent Board members, each with deep commercial and financial experience. In addition, Peter Harf is taking over the Chairman role from Bart Becht effective immediately and the Board has decided to appoint Erhard Schoewel as its Lead Independent Director.