Coty Inc. is making changes to its succession plan, in a move that may signal that the beauty firm is getting closer to acquiring parts of Procter & Gamble Co.’s beauty business.
Coty said Tuesday that Bart Becht will remain interim chief executive officer and chairman, and Elio Leoni Sceti, who was due to take over the ceo post on July 1, will no longer be joining the company.
The beauty firm stated that Sceti has decided not to join Coty. Peter Harf, director and chairman of the Remuneration and Nomination Committee of Coty, said, “The Coty board of directors determined that leadership continuity is critical in ensuring the continued success of Coty’s strategy implementation. We certainly understand Elios 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.”