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US cosmetics giant Coty announces boss change | 11/12/18

NEW YORK (awp international) – US cosmetic giant Coty reorganizes its top management. The New York company announced on Monday that CEO Camillo Pane has resigned for "family reasons". The successor will come into force with the immediate influence of Pierre Laubies, formerly the food and coffee group Jacobs Douwe Egberts, who led the German billionaire from the Jab empire of the Reimann family. Pane, since October 2016, Coty was the boss.

JAB Holding of the Reimann Clan is also the largest shareholder of Coty. Coty has been struggling since the acquisition of Wella and other Procter & Gamble cosmetics brands, especially in 2016. In the last quarter, revenues fell by 9.2% year-on-year, as the company announced last week. It is seen that the price of stocks has halved in the year.

Coty also announced a change in the Board of Directors under a "renewal process" that is superior to the Board of Directors. For example, JAB partner, Peter Harf, will be chairman of the board and will assume the role of Bart Brecht. In addition, the Group plans to introduce two separate independent directors with ayı in-depth business and financial experience Ayrıca. Coty is also looking for a new CFO. / Hbr / DP / o

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