Camillo Pane, the Chief Executive Officer of Coty, has stepped down from his position with immediate effect because of family reasons, the firm disclosed today.
The cosmetics company appointed the former chief executive of coffee giant Jacobs Douwe Egberts (JDE), Pierre Laubies, as the successor of Pane. Laubies is considered as a veteran of the retail industry.
Bart Becht, the chairman of the company, stated: “We are very grateful for Camillo’s many contributions to Coty during his time as chief executive.”
He added: “We are all very thankful for Camillo’s valued service, his exemplary leadership and his passion for beauty and Coty’s brands and people over the last years.”
Becht is also stepping down from his role as chairman. Director Peter Harf will fill his position effective immediately, while the board has voted to appoint Erhard Schoewel as its lead independent director. Becht will be staying as a member of the board of the company.
Both Becht and Harf run JAB, which has a 39 percent stake in Coty and is also a majority shareholder of Jacobs Douwe Egberts, a Dutch beverage company, where Laubies served as the CEO until December of last year.
The share price of Coty grew three percent after the release of the news.
The announcements come less than a week after Coty said that some temporary problems within its supply chain had caused a decline of 7.7 percent in its first quarter like-for-like sales. The share price of the company plunged by 22 percent after the results were published.
Coty has been affected by supply chain problems since it acquired beauty brands such as Clairol and Cover Girl from Procter & Gamble in a deal that amounted to $12 billion (£9.3 billion) in 2016.
The issues with the supply chain were worsened by Hurricane Florence, which disrupted its product shipments last September.
In its statement, the firm said that it has launched a “renewal process” and plans to add two new board members.