Camillo Pane, the chief executive of Coty, has announced that she will step down with immediate effect due to family reasons.
Pierre Laubies, who is the former chief executive of coffee giant Jacobs Douwe Egberts (JDE), will replace Pane.
“We are very grateful for Camillo’s many contributions to Coty during his time as chief executive,” said Chairman Bart Becht.
“We are all very thankful for Camillo’s valued service, his exemplary leadership and his passion for beauty and Coty’s brands and people over the last years.”
The news comes soon after the company revealed supply chain problems from strikes in Brazil anda 7.7% decline in its first-quarter like-for-like sales, which caused shares to drop 22%.
Chairman Bart Becht will also step down and be replaced by board member Peter Harf. Becht will remain on the board.
D.A. Davidson analyst Linda Bolton Weiser said: “(The changes are) not that surprising given the poor performance of the company and the additional supply chain issues that have come about.”
Shares in the group (NYSE: COTY) were up 3% on Monday morning.
