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Coty Announces New CEO, Board Changes Following Troubled Q1

 
• By Ryan Nelson

Coty reported Nov. 7 a Q1 revenue decline of 9.2% due to a constellation of supply-chain issues and continued Consumer Beauty weakness. Less than a week later – and two years after its completion of a $12bn merger with P&G’s beauty business – the firm announces Pierre Laubies as CEO, evidently drawn to his experience integrating combined assets at a Dutch coffee company.

Desperate businessmen

[Coty Inc.] will look to newly tapped CEO Pierre Laubies to clean up supply-chain problems that weighed heavily on the firm’s fiscal 2019 first-quarter results, as the company continues to seek sustainable growth in the wake of its 2016 merger with Procter & Gamble Co.’s beauty business.

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