- Push-out Score determined
- After less than a year and a half in the position
- Praise and thanks for Laubies
- Pierre Denis taking over
(exechange) — New York, February 28, 2020 — Pierre Laubies, chief executive of Coty, leaves. As announced by Coty Inc. in a news release on Friday, February 28, 2020, Pierre Laubies leaves his post as chief executive officer at the beauty company after less than a year and a half in the role, effective by summer 2020, upon conclusion of the strategic review that is underway.
The announcement of Pierre Laubies’s move comes 16 months after Peter Harf took over as Chairman of Coty Inc.
Pierre Laubies’s duties as CEO will be taken over by Pierre Denis, currently Chief Executive Officer of Jimmy Choo Group Limited.
Already a director
Denis is already a director of Coty. Generally speaking, most director-turned-CEO appointments occur following a sudden resignation of the outgoing CEO and signal a lack of preparedness on the company’s part to groom internal talent. On the other hand, directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Denis understands the expectations and dynamics of the board and has knowledge of Coty’s organization, risk-management practices and strategy.
Pierre Laubies’s move forms part of a management shake-up also involving the position of Chief Operating Officer.
“To help accelerate growth of the business”
A reason for Pierre Laubies’s departure from the CEO post was not explicitly provided. Coty said: “Coty Inc. (NYSE: COTY) today announced several executive and Board appointments that are designed to help accelerate growth of the business.”
Precise information regarding Pierre Laubies’s future plans was not immediately available.
Coty said: “By summer 2020, upon conclusion of the strategic review that is underway, Pierre Denis will succeed Pierre Laubies as Chief Executive Officer of Coty and Pierre-André Térisse, Chief Financial Officer of Coty, will become Chief Operating Officer while retaining in full his CFO role and responsibilities.”
Share price decline
The announcement follows a decline in Coty Inc.’s share price of 23% since June 2019.
Chaired by Peter Harf
Coty Inc. is chaired by Peter Harf.
Peter Harf joined the Board in 1996 and has served as Chairman of the Board since November 2018. Harf served as Chief Executive Officer of the Company from 1993 to 2001 and as Chairman of the Board from 2001 to 2011 and Chair of the RNC from 2011 until December 2016.
In the position of CEO since 2018
Pierre Laubies became CEO of the Company in 2018.
Pierre Laubies joined the Board in November 2018 when he became the Company’s Chief Executive Officer and a member of the Company’s Executive Committee.
In January 2019, Laubies also assumed the leadership for formulating and implementing the strategic vision for the Consumer Beauty division as its President.
Prior to joining the Company, Laubies served as the Chief Executive Officer of Jacobs Douwe Egberts B.V., one of the world’s leading coffee and beverage companies, from September 2013 to March 2018.
Laubies has over 25 years of experience at international companies, including consumer goods manufacturer Mars, Incorporated where he served in a variety of roles across categories, markets and regions, including as President of the Global Pet Care division.
He has also served as a director of Continental Foods Europe NV since July 2018.
Laubies holds a Masters degree in Economics from Sciences Politiques de Paris, Université Sorbonne and a Law degree from the Université Paris 2 Pantheon-Assas.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Coty and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 9.2020 ($).