The top executive at the New York cosmetics maker Coty is leaving less than a week revealing that significant supply chain problems sapped revenue during the first quarter, and its chairman has been replaced as well.
The company said Monday that CEO Camillo Pane, who led the company for two years, resigned for family reasons.
Pierre Laubies, who last ran JDE, a beverage company, takes over immediately. He will also have a seat on the board.
Coty named Peter Harf as chairman Monday, replacing Bart Becht.
The company will also add two independent directors to its board.
Shares of Coty Inc. tumbled 22 percent last week after reporting first-quarter earnings and they are down 57 percent this year. The stock is up slightly before the opening bell on Monday.
Source: The Associated Press