Seasoned Consumer Goods Executive with Strong Business Performance
Track Record to Immediately Focus on Leading Coty’s Revenue Growth Agenda
Bart Becht to Remain Chairman and Help Oversee Integration of the
Two Companies
NEW YORK--(BUSINESS WIRE)--Jul. 21, 2016--
Coty Inc. (NYSE:COTY) today announced that its Board of Directors has
appointed Camillo Pane as Chief Executive Officer and member of the Coty
Board, each effective as of the day following the closing of the merger
of P&G Specialty Beauty into Coty, expected to occur in October 2016.
Bart Becht, currently Interim CEO and Chairman of Coty, will continue to
serve as the Chairman of Coty’s Board. Camillo Pane currently holds the
position of Executive Vice President of Coty’s Category Development and
is a member of the Coty Executive Committee.
Commenting on the appointment, Bart Becht, Chairman, says, “I’m very
pleased to see Camillo appointed as CEO of Coty. He has an excellent
track record of accelerating growth, improving business performance and
strengthening capabilities to create a best-in-class organization. At
Coty, he has already shown himself to be a very strong leader with an
intense drive and passion to make Coty the new global challenger in
Beauty for the benefit of both consumers and shareholders alike.”
There will be a steady transition between the current and the new CEO as
the company focuses on its priorities of accelerating revenue growth and
delivering an effective post-merger integration. Bart Becht will
continue to focus on the integration where Coty’s management team has
made extensive preparation to be able to deliver the financial benefits
of the merger. Camillo Pane will, with immediate effect, focus fully on
leading the revenue growth agenda in preparation for transitioning into
the CEO role at the closing of the P&G transaction.
Camillo Pane is a global consumer goods veteran and a proven leader with
a strong track record for delivering business performance. Prior to
joining Coty, Camillo Pane spent 20 years with Reckitt Benckiser plc
(RB), most recently as head of its global health and personal care
business. He played a key role in RB’s large-scale move into consumer
health, transforming that business into RB’s fastest-growing division.
His career in marketing and general management has covered both
developed and developing markets, including Italy, the United States,
Brazil and the UK.
He has extensive experience in integration of acquisitions across a wide
range of geographies.
Since joining Coty in July 2015, he has been leading the development of
Coty’s portfolio, category and brand strategies, as well as the
development of its beauty brand equities and associated innovation
pipeline.
Commenting on his appointment, Camillo Pane says, “I am honored to
become the CEO of Coty at such a great moment for the company. The new
Coty will have a strong portfolio of consumer-loved beauty brands with
excellent potential and a highly experienced management team, which it
will be my privilege to lead.”
Camillo Pane’s successor as Coty’s Executive Vice President Category
Development will be announced in due course.
About Coty Inc.
Coty is a leading global beauty company with net revenues of $4.4
billion for the fiscal year ended June 30, 2015. Founded in Paris in
1904, Coty is a pure play beauty company with a portfolio of well-known
fragrances, color cosmetics and skin & body care products sold in over
130 countries and territories. Coty’s product offerings include such
power brands as adidas, Calvin Klein, Chloé, DAVIDOFF,
Marc Jacobs, OPI, philosophy, Playboy, Rimmel
and Sally Hansen.
Coty is in the process of completing a transaction with The Procter &
Gamble Company (NYSE:PG) to merge P&G’s fine fragrance, color cosmetics,
salon professional and hair color business and a portion of its hair
styling businesses (“P&G Specialty Beauty Business”) into Coty, with
brands that include Cover Girl, Clairol, Gucci, Hugo Boss, Max Factor and
Wella. With the completion of the merger, Coty is expected to have
pro forma combined annual revenues of approximately $9.2 billion based
on fiscal 2015 performance and to be the global leader in fragrances,
with market leading positions in color cosmetics and hair color &
styling.
For additional information about Coty Inc., please visit www.coty.com.
Forward Looking Statements
Certain statements in this communication are forward-looking statements.
These forward-looking statements reflect Coty’s current views with
respect to its management, strategy, competitive position and the
completion of the transaction with P&G Specialty Beauty Business. These
forward-looking statements are generally identified by words or phrases,
such as “anticipate,” “ambition,” “expect,” “should,” “would,” “could,”
“intend,” “plan,” “project,” “seek,” “believe,” “will,” “opportunity,”
“potential,” and similar words or phrases. Actual results may differ
materially from the results predicted due to risks and uncertainties
including inaccuracies in our ability to retain key personnel,
difficulties in implementing our strategies, including any inaccuracies
in assumptions regarding such strategies, assumptions in evaluating the
transaction with P&G Specialty Beauty Business, difficulties in
integrating P&G Specialty Beauty Business into Coty and other
difficulties in achieving the expected benefits of the transaction with
P&G Specialty Beauty Business. All statements in this communication,
other than those relating to historical information or current
conditions, are forward-looking statements. Coty intends these
forward-looking statements to be covered by the safe harbor provisions
for forward-looking statements in the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to a
number of risks and uncertainties, many of which are beyond the control
of Coty, which could cause actual results to differ materially from such
statements.
Risks and uncertainties relating to the proposed transaction with P&G
Specialty Beauty Business include, but are not limited to: uncertainties
as to the timing of the transaction; the risk that regulatory or other
approvals required for the transaction are not obtained or are obtained
subject to conditions that are not anticipated; competitive responses to
the transaction; litigation relating to the transaction; uncertainty of
the expected financial performance of the combined company following
completion of the proposed transaction; the ability of Coty to achieve
the cost-savings and synergies contemplated by the proposed transaction
within the expected time frame; the ability of Coty to promptly and
effectively integrate P&G Specialty Beauty Business and Coty; the
effects of the business combination of Coty and P&G Specialty Beauty
Business, including the combined company’s future financial condition,
operating results, strategy and plans; and disruption from the proposed
transaction making it more difficult to maintain relationships with
customers, employees or suppliers.
The foregoing review of important factors should not be construed as
exhaustive and should be read in conjunction with the other cautionary
statements that are included elsewhere. More information about potential
risks and uncertainties that could affect Coty’s business and financial
results is included under “Risk Factors” in Coty’s Registration
Statement on Form S-4 filed on April 22, 2016, including any amendments
thereto, under “Risk Factors” and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” in Coty’s Annual
Report on Form 10-K for the fiscal year ended June 30, 2015, and other
periodic reports Coty has filed and may file with the Securities and
Exchange Commission (the “SEC”) from time to time. Any forward-looking
statements made in this communication are qualified in their entirety by
these cautionary statements, and there can be no assurance that the
actual results or developments anticipated by Coty will be realized or,
even if substantially realized, that they will have the expected
consequences to, or effects on, Coty or its business or operations.
Except to the extent required by applicable law, Coty undertakes no
obligation to update publicly or revise any forward-looking statement,
whether as a result of new information, future developments or otherwise.
Important Additional Information
In connection with the proposed transaction with P&G Specialty Beauty
Business, Coty and Galleria Co. have filed registration statements on
Form S-4 and Form S-4/S-1, respectively, with the SEC, which are not yet
effective, registering shares of Coty common stock and common stock of
Galleria Co. Coty’s registration statement also includes a prospectus of
Coty relating to the proposed transaction. Coty will also file a
definitive information statement relating to the proposed transaction.
P&G shareholders are urged to read the prospectus that will be included
in the registration statements and any other relevant documents when
they become available, and Coty shareholders are urged to read the
information statement and any other relevant documents when they become
available, because they will contain important information about Coty,
P&G Specialty Beauty Business and the proposed transaction. The
documents relating to the proposed transaction (when they become
available) can also be obtained free of charge from the SEC’s website at www.sec.gov.
The documents (when they are available) can also be obtained free of
charge from Coty upon written request to Investor Relations, 350 Fifth
Avenue, New York, New York 10118 or by calling 212-389-7300.
This communication is not intended to and does not constitute an offer
to sell or the solicitation of an offer to subscribe for or buy or an
invitation to purchase or subscribe for any securities or the
solicitation of any vote or approval in any jurisdiction pursuant to the
above described transactions, the merger or otherwise, nor shall there
be any sale, issuance or transfer of securities in any jurisdiction in
contravention of applicable law. No offer of securities shall be made
except by means of a prospectus meeting the requirements of Section 10
of the Securities Act of 1933, as amended.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160721005294/en/
Source: Coty Inc.
Coty Inc.
Investor Relations:
Kevin Monaco, +1 212-389-6815
or
Media:
Jennifer
Friedman, +1 212-389-7175