Coty Inc. has undergone a rapid leadership swap.
Pierre Laubies, the former chief executive officer of coffee and tea business Jacobs Douwe Egberts, is now ceo, and Peter Harf, who ran Coty as ceo between 1993 and 2001, is now chairman. Erhard Schoewel has been appointed lead independent director, and the company has started the process of appointing two independent board members.
Pierre Laubies, Coty ceo.
Laubies’ and Harf’s appointments replace former ceo Camillo Pane, who joined the business in 2016 upon Coty’s acquisition of 41 beauty brands from Procter & Gamble, and former chairman Bart Becht, respectively. Pane is said to have resigned for personal reasons. Becht, who is a partner and chairman at Coty minority shareholder JAB, will remain on Coty’s board. JAB owns about 38 percent of Coty.
The leadership changes, which do not include transition periods, took Wall Street by surprise.
“The swiftness of the appointment suggests discussions may have been going on for a number of weeks and when known, may have also factored into the outgoing ceo’s decision to leave so quickly,” wrote Jefferies analyst Stephanie Wissink in a research note.
“It suggests that not only is JAB unhappy with Mr. Pane’s performance as ceo, but also that it is