Beauty company Coty has appointed Camillo Pane as Chief Executive Officer and member of its Board. He is currently Executive Vice President Category Development and is a member of the Coty Executive Committee.
The appointment will become effective the day following the closing of the merger of P&G Specialty Beauty into Coty, which is expected to take place in October 2016.
Bart Becht, who is currently Interim CEO and Chairman, will continue to serve as the Chairman of Coty’s Board. The company said Pane’s successor as Executive Vice President Category Development would be announced in due course.
Pane spent 20 years with Reckitt Benckiser before joining Coty in July 2015. He most recently served as head of Reckitt’s global health and personal care business.
At Coty, he has been leading the development of the company’s portfolio, category and brand strategies. Among the company’s brands in travel retail are Calvin Klein, Chloé, Davidoff, Marc Jacobs, OPI and Rimmel.
Becht commented on Pane’s appointment: “He has an excellent track record of accelerating growth, improving business performance and strengthening capabilities to create a best-in-class organisation. 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.”
Pane stated: “I am honoured to become the CEO of Coty at such a great moment for the company. 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.”
Coty said there would be a “steady transition” between the current and new CEOs as the company focused on business priorities of accelerating revenue growth and delivering an effective post-merger integration.
It said Becht would continue to focus on the integration while Pane, with immediate effect, 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”.
