Chairman, and CEO, out at cosmetics maker Coty
by The Associated Press
Shares of Coty Inc. tumbled 22 per cent last week after reporting first-quarter earnings
NEW YORK – The top executive at the New York cosmetics maker Coty is leaving less than a week revealing that significant supply chain problems sapped revenue during the first quarter, and its chairman has been replaced as well.
The company said Monday that CEO Camillo Pane, who led the company for two years, resigned for family reasons.
Pierre Laubies, who last ran JDE, a beverage company, takes over immediately. He will also have a seat on the board.
Coty, whose brands include CoverGirl, Max Factor and Hugo Boss, named Peter Harf as chairman Monday, replacing Bart Becht.
The company will also add two independent directors to its board.
Stifel analyst Mark Astrachan wrote recently that Coty, in addition to near-term supply chain issues, will be wresting with underlying weakness in its consumer beauty unit for the next two to three years.
Shares of Coty Inc. tumbled 22 per cent last week after reporting first-quarter earnings and they are down 57 per cent this year.
