According to Coty, Elio Leoni Sceti has reconsidered joining the company. Coty also announced that its interim CEO Bart Becht will continue that role, as well as that of chairman.
The news comes as Coty reportedly prepares to acquire several beauty brands from P&G, including Gucci and Hugo Boss perfume, Wella and Clairol hair care products, and Max Factor and Cover Girl make-up.
“After further discussion, the Coty Board of Directors determined that leadership continuity is critical in ensuring the continued success of Coty’s strategy implementation," said Peter Harf, director and chairman of the remuneration and nomination committee of Coty. "We certainly understand Elio’s decision not to join Coty as planned, thank him for his professionalism throughout this process and we wish him all the best in his future endeavors.”