Coty Inc 8-K, filed Oct 21, 2020
Coty Inc. (COTY)
8-K
2020-10-21
For: 2020-10-20
View Original
Added on
April 10, 2026
About this 8-K
Coty Inc filed this 8-K on October 21, 2020, reporting on events of October 20, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 20, 2020
(Exact Name of Registrant as Specified in its Charter)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 21, 2020, the Coty Inc. (NYSE: COTY) (the “Company”) reported the departure of Edgar Huber, who has been serving as the Company’s Chief Commercial Officer. On October 20, 2020, the Company and Mr. Huber entered into a separation agreement under which Mr. Huber will receive the severance benefits provided for under his existing employment agreement (previously filed as Exhibit 10.10 to the Company’s Form 10-Q filed May 11, 2020) as if his employment were terminated without Cause, as well as certain supplemental severance amounts so long as he provides the release and complies with the post-termination employment covenants, in each case contemplated by the separation agreement. Pursuant to the separation agreement, Mr. Huber will continue to receive his fixed and variable remuneration and benefits in kind until December 31, 2021, and his outstanding equity awards will vest on terms applicable to a Retirement under the Company’s Equity and Long-Term Incentive Plan. The supplemental severance amount includes the payment of an additional twelve months of base salary (equal to $1,000,000, less applicable withholding and statutory deductions). Pursuant to the separation agreement, Mr. Huber will remain eligible for the retention bonus contemplated by the existing letter agreement (previously filed as Exhibit 10.11 to the Company’s Form 10-Q filed May 11, 2020), provided that he neither resigns from employment or is terminated for Cause prior to June 30, 2021.
The foregoing description is qualified in its entirety by reference to the full text of the separation agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the period ended December 31, 2020.
Item 8.01 Other Events
On October 21, 2020, the Company announced two additions to its leadership team with the appointments of Isabelle Bonfanti as Chief Commercial Officer, Luxury, and Jean-Denis Mariani in the newly created role as Chief Digital Officer, both reporting directly to Sue Y. Nabi, Chief Executive Officer. A copy of the Company's press release, dated October 21, 2020, announcing the departure of Mr. Huber and the additions to the leadership team is filed herewith as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits
(i)Exhibits:
| Exhibit No. | Description | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Coty Inc. | ||||||||||||||
| (Registrant) | ||||||||||||||
| Date: October 21, 2020 | By: | /s/ Anne Jaeckin | ||||||||||||
| Anne Jaeckin | ||||||||||||||
| Chief Human Resources Officer | ||||||||||||||
COTY BUILDS DIGITAL & LUXURY STRENGTH WITH NEW EXECUTIVE APPOINTMENTS
•CEO Sue Y. Nabi strengthens leadership team with Chief Commercial Officer, Luxury, and newly created role of Chief Digital Officer
•Current Chief Commercial Officer Edgar Huber to depart Coty in several months
NEW YORK -- Coty Inc. (NYSE: COTY), one of the world’s largest beauty companies and the global leader in fragrances, today announced two additions to its leadership team with the appointments of Isabelle Bonfanti as Chief Commercial Officer, Luxury, and Jean-Denis Mariani in the newly created role as Chief Digital Officer. Both will report directly to Sue Y. Nabi, Chief Executive Officer.
Isabelle Bonfanti, who will start on November 1, 2020, has more than 30 years’ experience in international brand development and transformation. Bonfanti worked in L’Oréal’s Luxury division for 17 years across a variety of international general management and commercial roles, spanning fragrances, cosmetics, and skincare. She has an extensive track record in growing make-up and skincare brands in Asia and China. She spent ten years at Hermès in senior leadership roles, including as International Operational Development Director and Communication & International Retail Operational Director.
More recently, she worked on brand development and turnaround for the Huawei Consumer Business group and for Hexa Surfboard, a digital native brand start-up. There, she proved her ability to challenge established norms and think in the start-up mindset, which are so valued at Coty. Bonfanti will be responsible for developing and executing Coty’s global Luxury sales strategy to increase market share, grow revenues and develop the company’s organizational profile.
Jean-Denis Mariani joins Coty from Guerlain - the French perfume, make-up and skincare house owned by LVMH Group – where he served as Chief Digital Officer and a member of the Executive Committee. Mariani was responsible for Guerlain’s Digital transformation & e-commerce acceleration over 35 countries, with a strong focus on China, Japan, US, France, UK, Germany, Italy, Spain and Russia. He was also responsible for e-Business, CRM, content, Digital marketing, innovation, analytics, social insights and customer care. Mariani is expected to start November 1 and will lead transformation of the company’s approach to Digital, including growing global e-commerce and DTC.
The appointment of Coty’s first Chief Digital Officer comes as the company generates record e-commerce sales, with e-commerce penetration more than doubling in recent months. E-commerce sales for Beauty continue to surge, benefiting Coty brands across the portfolio.
Sue Y. Nabi, Chief Executive Officer of Coty, said: “I am delighted to announce the appointments of Isabelle and Jean-Denis. I have followed Isabelle’s career closely over the years and am very impressed with her skillset and deeply strategic approach. Her track record of successfully developing make-up and skincare brands, particularly in Asia, makes her a perfect fit for this role.
“Jean-Denis is also a perfect fit for Coty. One of the many seismic changes to our industry has been the meteoric rise of digital and e-commerce. Coty is now making strides in developing a digital offering that is truly best in class. Jean-Denis’ brand-building expertise and track record of success across the world makes him a fantastic addition to our executive leadership team.”
Coty also announced today that Edgar Huber, Chief Commercial Officer, is stepping down after five years at the company. Huber will remain with Coty for several months, working alongside Bonfanti during her first months in the role. Coty intends to update its Consumer Beauty Commercial organization in the near future, as well as announcing a Consumer Beauty leader.
Huber played an important role in building Coty’s Luxury division, and establishing and reorganizing its regional operations. In his role as President of Coty’s Luxury division, Huber helped lay the foundations for Coty’s significant growth in the Luxury sector. As President of the AMAPAC region, and in his current role as Chief Commercial Officer overseeing both the Luxury and Consumer Beauty divisions, Huber has been focused on the commercial development of Coty across the globe.
Sue Y. Nabi said: “I want to extend my thanks to Edgar for all the leadership and expertise he has contributed to Coty over the past five years. Edgar is an experienced, respected leader and I’m happy he will stay with us for several more months as we transition to our new leadership approach.”
Ends
About Coty Inc.
Coty is one of the world’s largest beauty companies with an iconic portfolio of brands across fragrance, color cosmetics, hair color and styling, and skin and body care. Coty is the global leader in fragrance, a strong number two in professional hair color & styling, and number three in color cosmetics. Coty’s products are sold in over 150 countries around the world. Coty and its brands are committed to a range of social causes as well as seeking to minimize its impact on the environment. For additional information about Coty Inc., please visit www.coty.com.