Coty names a new CEO

26-Jul-2016 - Last updated on 27-Jul-2016 at 14:48 GMT

The appointment won’t take effect until later this year, once the Coty P&G deal is formally closed. Fittingly, the new executive has experience integrating acquisitions in and beyond the US.

The beauty company’s board of directors named Camillo Pane as the next CEO late last week. Pane came aboard not long ago. It was, in fact, almost one year ago to the day that he joined Coty as the executive vice president of category development.

Camillo was hired shortly after Elio Leoni Sceti opted out the CEO job, after being selected by the board in April of 2015. His abdication came with a $1.8m severance payment and fueled speculation that Coty was indeed on track to buy P&G’s beauty business.

Candidate of choice

Board chairman and acting interim CEO Bart Becht has great confidence in Pane’s suitability for the CEO role and the concomitant task of integrating the incoming P&G beauty brands. “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,” he tells the press.

“I’m very pleased to see Camillo appointed as CEO of Coty,” adds Becht. “He has an excellent track record of accelerating growth, improving business performance and strengthening capabilities to create a best-in-class organization.”

Ready and willing

Between now and the time Pane takes over as CEO, he’ll be in charge of Coty’s revenue growth plan. And, “there will be a steady transition between the current and the new CEO as the company focuses on its priorities of accelerating revenue growth and delivering an effective post-merger integration,” according to the company’s press release about the appointment.

Pane is looking eagerly ahead to assuming the full responsibilities that come with his next role. “I am honored 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.”

Pane’s professional experience includes not only the past year with Coty but also 20 years at Reckitt Benckiser, the UK-based multinational consumer goods company comprising brands like Lysol, Woolite, Calgon, and others. There, he most recently served as head of global health and personal care.