Coty says it will promote Camillo Pane to CEO
NEW YORK (AP) — Coty, the makeup and fragrance retailer, named as its CEO Thursday its newly arrived head of category development.
Camillo Pane, who joined Coty a year ago, will become the top executive later this year after the company completes the acquisition of a group of 43 hair care, cosmetics and fragrance brands from Procter & Gamble. He will also join the company’s board of directors. Bart Becht, who has been Coty’s interim CEO for almost two years, will remain chairman.
Pane worked for Reckitt Benckiser for 20 years and became the head of its global health and personal care business.
Coty sells OPI nail polish and Rimmel makeup and produces celebrity fragrances, such as Beyonce, Halle Berry and Katy Perry. Earlier this year it bought Brazilian beauty company Hypermarcas. When the Procter & Gamble deal closes, it will own CoverGirl, Max Factor, Miss Clairol, Gucci, and Hugo Boss.
Coty named Elio Leoni Sceti as its new CEO in April last year but about a month before he was to begin, it announced that he would not be joining the company. Coty said it didn’t want to make a management change as it implemented a new business strategy. The Procter & Gamble deal, which Procter & Gamble valued at about $15 billion, was announced two weeks later.
Becht became Coty’s interim CEO in September 2014, when Michele Scannavini left the company for personal reasons.
Coty stock declined 34 cents to $26.79 in midday trading. The stock is up about 4.5 percent in 2016.