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Coty CEO Camillo Pane Resigns

Coty Inc said on Monday chief executive officer Camillo Pane has resigned and will be replaced by Pierre Laubies, the former CEO of Dutch coffee firm Jacobs Douwe Egberts.

The Miu Miu Perfume maker also said Chairman Bart Becht would be replaced by company director Peter Harf immediately, without giving details.

Laubies was until recently the CEO of Jacobs Douwe Egberts, majority owned by Coty's largest shareholder JAB Holding Co - the investment vehicle of the billionaire Reimann family.

Pane's departure comes just days after Coty reported dismal results on Wednesday that sent its shares down over 20%.

Earlier, in May of this year, the beauty products maker reported a 9.4% rise in quarterly revenue, driven by strong demand for Burberry Beauty, as well as for makeup brand Younique.

Pane became CEO in October 2016, following the closing of Coty's acquisition of Procter & Gamble Co's beauty business.

News by Reuters, edited by Donna Ahern Checkout. Click subscribe to sign up for the Checkout print edition.

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