Coty has promoted Laurent Mercier from deputy CFO to chief financial officer.
The promotion comes after Coty recently announced the appointment of Stefano Curti to chief brands officer, consumer beauty and Alexis Vaganay, who was promoted to chief commercial officer, consumer beauty.
Mercier has been with Coty since 2017 and will begin his tenure as CFO on February 15, 2021.
He succeeds Pierre-André Terisse, who will assist in the transition until February 2021, after which he will serve as a Coty designated member of the board of Wella.
Mercier will join the executive committee and report directly to CEO Sue Y. Nabi.
Nabi said,“I am very excited to announce Laurent’s promotion to CFO. He is a very capable leader who has been instrumental in the financial transformation of Coty during an extremely challenging operating environment, building a stronger, more focused and top line oriented business that’s set up for profitable growth. Laurent knows this business inside-out, playing a critical role in recent months in allocating resources and marketing investments behind the most promising opportunities. He brings a wealth of global experience, both from his time here at Coty and from high-profile leadership roles at Danone.”
Mercier said, "It’s a great honor to become the CFO of this iconic business. As a company, we are 100% focused on diligent cost control and reigniting sustainable sales growth, and we will continue to deliver on our robust financial commitments, including reaching leverage of ~5x by end of CY21 and less than 3x in the medium term. Our Q1 results and the Wella divestment reflect the excellent progress made under Sue’s inspirational leadership and we will continue on this path to success. I would like to thank my long-time colleague Pierre-André for everything he has achieved. I look forward to building on his legacy and growing this fantastic company for many years to come.”