The Global Chief Financial Officer for Coty Inc’s (NYSE:COTY) has resigned. Patrice de Talhouët who also doubles up as the Executive Vice President penned his resignation citing the drive to pursue other opportunities. The Accounting and Corporate Law graduate has served the beauty giant for over four years and he is celebrating the milestones he achieved during his tenure.
The Chief Executive Officer of Coty, Camillo Pane has applauded the VP’s contribution in building the company. His leadership was equally important according to Chairman of the Coty Board of Directors, Bart Becht, who says, “Patrice has been an important part of this organization since joining the company shortly after our initial public offering.”
Who will succeed the exiting CFO?
De Talhouët has added so much value to the organization within his four years of being a CFO. He was very instrumental during the integration of Coty’s P&G Specialty Beauty Business. This is one of the steps, which has given the company a strategic transformation. However, a successor is required. The company may not get an exact replacement given the magnitude of the position. Nonetheless, reports have that Coty has engaged an executive search firm to help in identifying a successor.
Meanwhile, Pane says that they will continue engaging De Talhouët till the company identifies a suitable candidate. They will also need him thereafter to assist with the transition. On the other hand, Coty’s Senior Vice President, Group Controller, Ayesha Zafar, will stand in as the interim Chief Financial Officer. She has over 30years experience in finance having worked for a wide range of multinational consumer goods and pharmaceuticals companies.
Coty has a strong entrepreneurial heritage worth celebrating
Coty has the recognition of being one of the largest beauty companies in the world. It prides in its strong entrepreneurial heritage, which has contributed to the massive growth of its brands. It takes the second and third position in professional salon hair color & styling and color cosmetics respectively. Coty has divided its operations into three units namely, Coty Consumer Beauty, retail hair coloring and styling products and body care and mass fragrances. Its products are in over 130 countries and has experienced significant turnaround with its net revenues.