Coty Inc has replaced its CEO and chairman after the company noted it was grappling with supply chain issues such as trucker strike in Brazil, a warehousing issue in Germany and the impact of hurricanes, which are expected to hurt revenues through 2019. Coty is also working to integrate 40 brands it acquired from Procter & Gamble in 2016.
Camillo Pane said he was stepping down as Coty’s CEO for family reasons. He will be replaced by Pierre Laubies, former CEO of Dutch coffee firm Jacobs Douwe Egberts, and prior executive at Mars, Inc. and Campbell Soup. Chairman Bart Becht will also step aside but will remain on the board. He is being replaced by board member Peter Harf.