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Pierre Laubies Appointed Coty CEO, Camillo Pane Resigns

Pierre Laubies has been appointed chief executive officer of Coty Inc.
The move comes upon the resignation of Coty’s former ceo, Camillo Pane, who took the helm as Coty acquired 41 beauty brands from Procter & Gamble, in 2016. The company also said that Bart Becht is stepping down as chairman, and Peter Harf will take over the role. Erhard Schoewel has been appointed lead independent director.
The news comes shortly after Coty reported sharp dips in sales for most of its business segments, which it said were mostly because of back-end disruptions. Some of those disruptions were part of the P&G brands integration, but others were caused by Hurricane Florence and component shortages from external suppliers.
Becht was the visionary behind Coty’s acquisition of the P&G specialty beauty portfolio, and was said to be leading the integration charge while Pane focused on increasing sales — something he had a proven track record of doing from his previous post at Reckitt Benckiser, where Becht was once ceo. But challenges in Coty’s Consumer division, which includes CoverGirl, Clairol and Rimmel, were greater than expected, and the segment has yet to turn around. In the most recent quarter, the segment posted a more than 20 percent sales decline,

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Via:: https://wwd.com/beauty-industry-news/beauty-features/pierre-laubies-appointed-coty-ceo-camillo-pane-resigns-1202904873/