– USA, NY – Coty Inc. (NYSE:COTY) today announced that its Board of Directors has appointed Camillo Pane as Chief Executive Officer and member of the Coty Board, each effective as of the day following the closing of the merger of P&G Specialty Beauty into Coty, expected to occur in October 2016. Bart Becht, currently Interim CEO and Chairman of Coty, will continue to serve as the Chairman of Coty’s Board. Camillo Pane currently holds the position of Executive Vice President of Coty’s Category Development and is a member of the Coty Executive Committee.
Commenting on the appointment, Bart Becht, Chairman, says, “I’m very pleased to see Camillo appointed as CEO of Coty. He has an excellent track record of accelerating growth, improving business performance and strengthening capabilities to create a best-in-class organization. At Coty, he has already shown himself to be a very strong leader with an intense drive and passion to make Coty the new global challenger in Beauty for the benefit of both consumers and shareholders alike.”
There will be a steady transition between the current and the new CEO as the company focuses on its priorities of accelerating revenue growth and delivering an effective post-merger integration. Bart Becht will continue to focus on the integration where Coty’s management team has made extensive preparation to be able to deliver the financial benefits of the merger. Camillo Pane will, with immediate effect, focus fully on leading the revenue growth agenda in preparation for transitioning into the CEO role at the closing of the P&G transaction.
Camillo Pane is a global consumer goods veteran and a proven leader with a strong track record for delivering business performance. Prior to joining Coty, Camillo Pane spent 20 years with Reckitt Benckiser plc (RB), most recently as head of its global health and personal care business. He played a key role in RB’s large-scale move into consumer health, transforming that business into RB’s fastest-growing division. His career in marketing and general management has covered both developed and developing markets, including Italy, the United States, Brazil and the UK.
He has extensive experience in integration of acquisitions across a wide range of geographies.
Since joining Coty in July 2015, he has been leading the development of Coty’s portfolio, category and brand strategies, as well as the development of its beauty brand equities and associated innovation pipeline.
Commenting on his appointment, Camillo Pane says, “I am honored to become the CEO of Coty at such a great moment for the company. The new Coty will have a strong portfolio of consumer-loved beauty brands with excellent potential and a highly experienced management team, which it will be my privilege to lead.”
Camillo Pane’s successor as Coty’s Executive Vice President Category Development will be announced in due course.
About Coty Inc.
Coty is a leading global beauty company with net revenues of $4.4 billion for the fiscal year ended June 30, 2015. Founded in Paris in 1904, Coty is a pure play beauty company with a portfolio of well-known fragrances, color cosmetics and skin & body care products sold in over 130 countries and territories. Coty’s product offerings include such power brands as adidas, Calvin Klein, Chloé, DAVIDOFF, Marc Jacobs, OPI, philosophy, Playboy, Rimmel and Sally Hansen.
Coty is in the process of completing a transaction with The Procter & Gamble Company (NYSE:PG) to merge P&G’s fine fragrance, color cosmetics, salon professional and hair color business and a portion of its hair styling businesses into Coty, with brands that include Cover Girl, Clairol, Gucci, Hugo Boss, Max Factor, Wella. With the completion of the merger, Coty is expected to have pro forma combined annual revenues of approximately $9.2 billion based on fiscal 2015 performance and to be the global leader in fragrances, with market leading positions in color cosmetics and hair color & styling.
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