Coty announced yesterday that its CEO, Camillo Pane, has tendered his resignation ‘for family reasons’. The US beauty behemoth has named new hire Pierre Laubies in his stead, effective immediately.
“We are very grateful for Camillo’s many contributions to Coty during his time as CEO,” said Bart Becht, Chairman. “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 Laubies has also been named a Director, effective immediately. He joins Coty from JDE where he was also CEO and oversaw the integration of the ex Mondelez coffee business, realizing the associated synergies and reducing JDE’s debt burden.
In addition, the Board has started the process of adding two new independent Board Members and Bart Becht will hand the Chairman role to Peter Harf, effective immediately. Erhard Schoewel has been named Lead Independent Director.