Coty Says Becht Will Remain CEO After Sceti Backs Out of Job

NEW YORK, United States — Coty Inc., the cosmetics maker that's been mentioned as a possible buyer of Procter & Gamble Co.'s beauty brands, said Bart Becht will remain chief executive officer after Elio Leoni Sceti reconsidered and decided not to join the company as planned.

Becht also will continue in his role as chairman, the New York-based company said Tuesday in a statement. Sceti was due to take over next month.

“After further discussion, the Coty board of directors determined that leadership continuity is critical in ensuring the continued success of Coty’s strategy implementation,” Peter Harf, head of the board’s nomination committee, said in the statement. “We certainly understand Elio’s decision not to join Coty as planned.”

Coty, a maker of fragrances, nail polish and skin lotions, has been named as a possible buyer of a portion of P&G’s cosmetics brands. Coty was among a number of potential bidders that had been approached by P&G, people familiar with the matter told Bloomberg in April. The New York Post reported earlier this month that Coty had reached a $12 billion deal to buy some of the businesses.

Coty shares have surged 52 percent this year, with much of the gain coming on the report of the deal.

By Kevin Orland; editors: Nick Turner.