Coty Inc. has announced several executive and board appointments, which are designed to help accelerate growth of the business, including CEO changes and the newly created position of COO.
Previously: Coty Announces Q2 2020 Sales, Updated Sustainability Platform
By summer 2020, upon conclusion of the strategic review that is underway, Pierre Denis will succeed Pierre Laubies as the company's CEO and Coty CFO Pierre-André Térisse will become COO while retaining in full his CFO role and responsibilities.
Additionally, the Coty board of directors has elected Isabelle Parize and Justine Tan non-executive directors.
Executive appointments
Since joining Coty in November 2018, with his operational and financial experience, Pierre Laubies has lead the company’s transformation and completion of the integration of the P&G Beauty Business. This included stepping up the execution of its consumer brands, streamlining its organization and supply chain, and improving free cash-flow, allowing the company to consistently deliver on its financial targets.
Laubies also initiated a strategic review of Coty’s professional and hair businesses, and with the partnership with Kylie Beauty, commenced the company’s expansion into key growth segments.
Building on the foundation in place, Pierre Denis’ extensive sector experience will be invaluable in accelerating top-line growth across Coty’s core categories: fragrances, cosmetics and skin care. He will assume responsibility for the marketing, sales, human resources, R&D and legal organizations.
Denis is currently CEO of Jimmy Choo Group Limited, a position he has held since July 2012 when he was recruited by JAB, the luxury accessories brand’s owner at the time. He brings 30 years of luxury, beauty and brand experience, having previously served in a variety of leadership roles with LVMH, notably with John Galliano, as well as with Christian Dior.
To support Denis’ growth agenda, Pierre-André Térisse has been promoted to the newly created position of COO, focused on securing effective alignment and integration of all support functions. He will retain in full his CFO role and responsibilities.
Board appointments
The board has elected Isabelle Parize as an independent non-executive director of the board and Justine Tan as a non-executive director of the board, effective February 27, 2020.
Parize brings extensive global cosmetics leadership experience to Coty, having previously served as CEO of perfume and cosmetics retailers Douglas Holding and Nocibé, as well as president of Quest International’s fragrance division.
She is currently interim CEO of Delsey where, since autumn 2018, she has been leading a significant turnaround strategy. Parize also serves as a non-executive director of Pandora and Air France-KLM Group.
Tan, who is a partner at JAB, Coty’s controlling shareholder, brings more than 20 years of experience in investing, banking and operations, having previously been a founding member of Temasek’s US operations, and an investment banker at Goldman, Sachs & Co.
She has extensive international experience, having lived in and covered key markets in North America, Europe and Asia, across a range of businesses in the consumer retail, real estate, services and industrials sectors.
“In less than 18 months, Pierre Laubies and his team have implemented a number of strategic initiatives to position the company for sustainable growth and long-term success,” chairman of Coty Peter Harf said. “On behalf of the board, I would like to thank Pierre for his decisive contributions to Coty.”
Harf continued, “Pierre Denis brings a wealth of cosmetics and luxury experience in developed and developing markets, including in Asia, and I have admired his work for many years. Pierre will work closely with Pierre-André Térisse, who intimately knows the company’s operations and finances, to ensure that Coty is well-positioned to capture myriad growth opportunities and accelerate top line performance.”
