This October Coty will complete purchase of P&G fragrances
Steve’s breakdown: There will also be a new CEO in October. Look for Coty to be taking a very close look at all advertising for the 34 brands they purchased from P&G. No doubt there will be reviews!
NEW YORK, NY: Coty announced Thursday that Camillo Pane will take over as CEO in October, after the company’s acquisition of Procter & Gamble’s beauty business is complete.
Bart Becht, currently interim CEO and chairman of Coty, will continue to serve as the chairman of Coty’s Board. Pane currently holds the position of EVP of Coty’s Category Development and is a member of the Coty Executive Committee.
“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,” Brecht said. “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.”
Becht said he 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. Pane will focus fully on leading the revenue growth agenda in preparation for transitioning into the CEO role at the closing of the P&G transaction.
Pane is a global consumer goods veteran and a proven leader with a strong track record for delivering business performance. Prior to joining Coty, 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.
“I am honored to become the CEO of Coty at such a great moment for the company,” Pane said. “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.”