Coty’s controlling shareholder JAB Holdings is planning a leadership overhaul that will result in the exit of chair Peter Harf and CEO Sue Nabi, the Financial Times reported on Friday, citing people familiar with the matter.
Coty shares, which have lost 52 percent of their value this year, fell 2 percent after the news.
Coty would join a long list of leadership changes this year at global consumer companies as they navigate an increasingly divergent spending pattern spurred by macroeconomic uncertainties.
On Thursday, yoga pants-maker Lululemon announced the exit of CEO Calvin McDonald as it tries to revive demand in the US.
Coty is also mulling the sale of its cosmetics business, including brands such as Rimmel and Max Factor.
Coty and JAB did not immediately respond to Reuters’ requests for comment.
By Neil J. Kanatt and Juveria Tabassum; Editor: Anil D’Silva
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