- Push-out Score suggests push-out forces
- After about two years in the position
- Praise and thanks for Pane
- Pierre Laubies taking over
(exechange) — New York, November 12, 2018 — Camillo Pane, chief executive of Coty, leaves. It is an abrupt change. As announced by Coty Inc. in a news release on Monday, November 12, 2018, Camillo Pane leaves his post as Chief Executive Officer at the beauty company after about two years in the role, effective immediately.
No company wants a CEO to flame out in the first years.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.1 years, according to data compiled by exechange. Only 21 percent of the CEOs who departed over the past 12 months left the position within three years.
Camillo Pane’s duties will be taken over by Pierre Laubies, most recently Chief Executive Officer of Jacobs Douwe Egberts.
The fact that Camillo Pane’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“For family reasons”
Camillo Pane’s sudden departure from the CEO post is explained as follows. Coty said: “Coty Inc. … today announced the resignation of Camillo Pane, current CEO of Coty, for family reasons and the appointment of Pierre Laubies as the new CEO of Coty, effective immediately.”
The phrase “for family reasons” opens the door to speculation.
Precise information about Camillo Pane’s future plans was not immediately available.
Share price decline
The change follows a decline in Coty Inc.’s share price of 70 percent since August 2016.
In the position of CEO since 2016
Camillo Pane has served as the Company’s Chief Executive Officer and a member of the Company’s Executive Committee since October 2016.
Prior to that, he served as Executive Vice President, Category Development from July 2015.
Prior to joining the Company, Pane spent 20 years with Reckitt Benckiser Group plc, where he held numerous high profile international marketing and general management roles throughout his career, in both developed and emerging markets, most recently as Senior Vice President, Global Category Officer Consumer Health from July 2011 until July 2015.
Pane holds a degree in business administration from the University of Bocconi in Milan.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Camillo Pane’s sudden 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 47.2018 ($).