Beauty and cosmetics giant Coty Inc. has appointed Pierre Laubies as its new Chief Executive Officer following the resignation of Camillo Pane ‘for family reasons’.

Laubies possesses a wealth of experience in the consumer packaged goods industry, most recently serving as the CEO of coffee maker Jacobs Douwe Egberts where he was responsible for merging the coffee division of Mondelēz International.

In a statement, Coty Chairman Bart Becht praised Pane’s contribution to Coty and his leadership during the well-publicised integration of the Procter & Gamble Company’s Speciality Beauty Business.

SUPPLY CHAIN HEADWINDS

“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 Becht.

“We are all very thankful for Camillo’s valued service, his exemplary leadership and his passion for beauty and Coty’s brands and people over the last years.”

In a simultaneous announcement, Coty says Peter Harf is taking over as Chairman from Bart Becht, effective immediately, with the Board also appointing Erhard Schoewel as Lead Independent Director as part of ‘a renewal process to bring new perspectives to the company’.

The changes at the top and board level come amid a challenging period for Coty as supply chain disruptions resulted in a sales decline of -7.7% on a like-for-like basis in the first quarter of fiscal 2019.

Pane stated on an earnings call last week that while Coty is ‘working hard’ to address the headwinds, which expect to ‘substantially resolved’ in the third quarter, the firm ‘does not expect to fully recover the Q1 financial impact in the balance of fiscal 2019’.