Coty to Promote Pane to Chief Executive Officer After P&G Dealby
Coty Inc., the maker of fragrances by Davidoff and Marc Jacobs, said Camillo Pane will be promoted to chief executive officer when the company’s acquisition of Procter & Gamble Co.’s beauty brands is completed.
Bart Becht, who has served as interim CEO, will remain with the company as chairman, New York-based Coty said Thursday in a statement. The P&G deal is expected to close in October, the company said.
The move will put a new leader atop the perfume maker following an acquisition spree that is vaulting it into the ranks of the world’s top cosmetics players. About a year ago, Coty agreed to buy P&G’s beauty brands in a $12.5 billion deal, adding marquee names like CoverGirl and Max Factor. Then in November, Coty agreed to acquire the personal-care and beauty division of Brazil’s Hypermarcas SA for about $1 billion.
Pane joined Coty in July 2015 and most recently served as executive vice president of category development. He’d previously spent 20 years with Reckitt Benckiser Group Plc, playing a key role in the company’s move into the consumer health business.
Coty fell 0.6 percent to $27.13 in New York on Wednesday. The shares are up 5.9 percent this year.