Coty’s controlling shareholder JAB Holdings is planning a management overhaul that may outcome in the exit of chair Peter Harf and CEO Sue Nabi, the Financial Times reported on Friday, citing folks aware of the matter.
Coty shares, which have misplaced 52 % of their worth this yr, fell 2 % after the information.
Coty would be part of an extended record of management modifications this yr at world client firms as they navigate an more and more divergent spending sample spurred by macroeconomic uncertainties.
On Thursday, yoga pants-maker Lululemon introduced the exit of CEO Calvin McDonald because it tries to revive demand in the US.
Coty can also be mulling the sale of its cosmetics enterprise, together with manufacturers reminiscent of Rimmel and Max Factor.
Coty and JAB didn’t instantly reply to Reuters’ requests for remark.
By Neil J. Kanatt and Juveria Tabassum; Editor: Anil D’Silva
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