Coty Inc (COTY.N) replaced its chief executive officer and chairman on Monday, days after the cosmetics giant rattled investors by warning that fiscal-year performance could be hurt by supply chain issues.
Camillo Pane, Coty’s CEO, announced his resignation effective immediatelly, for family reasons.
Graduated from Università Bocconi, Milan, Pane has been in charge of the beauty giant for the last three years and played a key role in its integration with P & G Specialty Beauty Business.
The company said retail industry veteran Pierre Laubies will replace Camillo Pane as its executive director, its fourth CEO in as many years.
“His leadership was critically important during Coty’s integration of the P&G Speciality Beauty Business, said Bart Becht, Coty’s Chairman, who is also ceding the role to fellow director Peter Harf, but will stay on the board.
Both Harf and Becht run JAB, which has a 39 percent stake in Coty and is also a majority shareholder of Dutch beverage company Jacobs Douwe Egberts, where Laubies was the CEO until December 2017.
The management shakeup comes as Coty struggles to integrate the 41 beauty brands it acquired from Procter & Gamble (PG.N) in 2016.
Last week, the company said supply chain problems from a trucker strike in Brazil, hurricanes in the United States and a warehousing issue in Germany were making it difficult to integrate the brands quickly.