Coty CFO Patrice de Talhouët leaves at short notice

  • Push-out Score suggests push-out forces
  • After about five years in the position
  • Praise for de Talhouët
  • Ayesha Zafar taking over in the interim
  • Search for a successor

(exechange) — New York, August 21, 2018 — Patrice de Talhouët, finance chief of Coty, leaves. It is a change at short notice. As announced by Coty Inc. in a news release and in a regulatory filing published on Tuesday, August 21, 2018, Patrice de Talhouët leaves his post as Chief Financial Officer at the beauty company after about five years in the role, effective mid September 2018.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6.8 years, according to data compiled by exechange.

Coty will undertake a search for a successor.

Talhouët’s duties will be taken over in the interim by Ayesha Zafar, currently Group Controller of Coty Inc., as interim Chief Financial Officer.

“To pursue other opportunities”

Talhouët’s imminent departure from the CFO post is explained as follows. Coty said: “Coty Inc. … today announced the resignation of Patrice de Talhouët, Executive Vice President and Global Chief Financial Officer, who is leaving Coty to pursue other opportunities.”

The phrase “to pursue other opportunities” opens the door to speculation.

Precise information about Talhouët’s future plans was not immediately available.

Share price decline

The change follows a decline in the share price of Coty Inc. since August 2016.

Chaired by Bart Becht

Coty Inc. is chaired by Bart Becht.

Bart Becht is Chairman of the Board of Coty Inc. From September 2014 to September 2016, Becht served as Interim Chief Executive Officer and Chairman of Coty overseeing the company’s operations and mergers and acquisitions agenda, including the merger with Procter & Gamble Specialty Beauty, and acquisitions of Bourjois, Beamly and Hypermacas’ Beauty and Personal Care Business.

CEO: Camillo Pane

Camillo Pane serves as CEO of Coty Inc. Camillo Pane has been the Chief Executive Officer of Coty Inc. since October 3, 2016.

In the position of CFO since 2014

Patrice de Talhouët has been the Chief Financial Officer of Coty Inc. since January 2014.

Patrice de Talhouët is Chief Financial Officer of Coty, Inc. and a member of the Executive Committee.

He oversees strategic leadership for all corporate finance, including mergers and acquisitions, new business development, planning and budgeting, treasury and tax management.

He is also responsible for information systems and real estate.

With more than 25 years of experience in senior finance positions, Patrice de Talhouët has a proven, successful track record in leading large financial operations within global corporations.

Talhouët began his career at Société Générale and later joined Alcatel-Lucent, where he held a series of positions over 12 years with increasing responsibility, resulting in deep financial expertise and co-piloting skills.

He spent 7 years at Mars, Inc. in a variety of senior leadership positions, including Chief Financial Officer Europe for Mars Chocolate and Corporate Finance Officer Americas for Mars, Inc.

As a member of the finance executive committee for Mars, Inc., Talhouët oversaw governance and compliance in the Americas and successfully led a multiple year program to transform the company’s global finance function, while acting as the Dean of the Mars University for Finance.

Talhouët served on the Board of Directors at Devoteam, a publicly listed French IT services company, first in the Remuneration Committee from 2002-2010, and then in the Audit Committee from May 2010 to June 2016.

Talhouët holds a Masters in Finance, Accounting and Corporate Law from DECF in Paris and a Bachelors in Economics from Paris X Nanterre University.

He has lived in Luxembourg, Paris, Brussels and New York throughout his career and now resides in London.

Talhouët will remain CFO through mid September 2018 and assist with transition thereafter.

Unplanned

Generally speaking, when a top manager announces to step down with no permanent successor in place, it is a sign that the change was unexpected and too early.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Patrice de Talhouët’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 35.2018 ($).