Cosmetics Group Coty Names New CFO As it Seeks Turnaround

By Nina Trentmann

Coty Inc., the owner of beauty brands such as Rimmel and Max Factor, on Friday appointed a new finance chief as it contends with sluggish sales and a slump in its stock.

Incoming Chief Financial Officer Pierre-André Terisse will fill the void left by former CFO Patrice de Talhouët, who left in the fall to pursue other opportunities.

Mr. Terisse spent the majority of his career working for French food manufacturer Danone SA, including a seven-year stint as group CFO and three years as general manager of the company's Africa division. Based in London, he will be taking on the new job on Feb. 1, Coty said in statement.

Coty in November reported sales declined 9.2% in its fiscal first quarter, dragged down by problems in its supply chain and a 21% slide in its consumer beauty business. Shares in the company have lost nearly two-thirds of their value in the past year.

Mr. Terisse will contribute to the company's turnaround effort. "I look forward to working with him as we focus on deleveraging and improving our financial performance," Chief Executive Officer Pierre Laubies said in the statement.

Mr. Laubies is a recent arrival himself. He was named as CEO in November, having previously been Chief Executive Officer of coffee company Jacobs Douwe Egberts. His appointment followed the resignation of former CEO Camillo Pane. Mr. Pane took over in 2016. The previous year, the company acquired over 40 brands from Procter & Gamble Co. which it is now pushing to integrate.

Around 40% of sales at Coty are generated by mass-market products. CEO Mr. Laubies will take personal responsibility for fixing the consumer beauty division, Coty said on Friday.

The company also appointed a new chief global supply officer, effective Jan. 14. Luc Volatier is also joining from Jacobs Douwe Egberts, which is owned by JAB Holding Co., Coty's largest shareholder.

Write to Nina Trentmann at Nina.Trentmann@wsj.com

(END) Dow Jones Newswires

January 11, 2019 10:52 ET (15:52 GMT)

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