New York-based cosmetics corporation Coty Inc has replaced its chief executive officer and chairman.
The company which owns brands including Max Factor, Rimmel London and Calvin Klein Fragrances announced that Pierre Laubies, retail veteran, would replace Camillo Pane.
The management shakeup comes as Coty struggles to integrate the 41 beauty brands it acquired from Procter & Gamble in 2016.
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. It also issued a profit warning that wiped out more than a fifth of its market value.
“We are very grateful for Camillo’s many contributions to Coty during his time as CEO. His leadership was critically important during Coty’s integration of the P&G Specialty Beauty Business. Following the transaction, Camillo greatly accelerated the growth of the Luxury and Professional businesses, built a much stronger management team and delivered on the synergy commitments associated with the transaction,” said Coty Chairman Bart Becht.
Changes are also being made to the Board with two new independent members. In addition, Peter Harf is taking over the chairman role from Bart Becht and the Board has decided to appoint Erhard Schoewel as its lead independent director.