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Coty CEO Camillo Pane Resigns, Chairman Replaced

The announcement of Pane's departure follows a drop in shares for the cosmetics company.
Model Kaia Gerber for Marc Jacobs Fragrances.
Model Kaia Gerber for Marc Jacobs Fragrances. (Courtesy)
By
  • Reuters

NEW YORK, United States — Coty Inc. said on Monday chief executive Camillo Pane has resigned and will be replaced by Pierre Laubies, the former chief executive of Dutch coffee firm Jacobs Douwe Egberts.

The Miu Miu perfume maker also said chairman Bart Becht would be replaced by company director Peter Harf immediately, without giving details.

Laubies was until recently the chief executive of Jacobs Douwe Egberts, majority owned by Coty's largest shareholder JAB Holding Company — the investment vehicle of the billionaire Reimann family.

Pane's departure comes just days after Coty reported dismal results on Wednesday that sent its shares down over 20 percent.

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Pane became chief executive in October 2016, following the closing of Coty's acquisition of Procter & Gamble's beauty business.

By Jaslein Mahil, Nivedita Balu; editor: Saumyadeb Chakrabarty

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