Coty has said that in the meantime, Bart Becht will remain as the company’s interim CEO, as well as maintaining his role as chairman of the board.
High-flying Sceti had been due to take up the new position next month, but has not made it known what his alternative plan will be at this point.
Decision leaves Coty top job still open
Coty executives will now have to recommence the recruitment process for a new CEO, who will primarily be responsible for the growth of the company’s global brand portfolio, which covers the fragrance, color cosmetics, skin and body care categories in 130 countries.
“After further discussion, the Coty Board of Directors determined that leadership continuity is critical in ensuring the continued success of Coty’s strategy implementation,” said Peter Harf, director and chairman of the remuneration and nomination committee at Coty.
“We certainly understand Elio’s decision not to join Coty as planned, thank him for his professionalism throughout this process and we wish him all the best in his future endeavors.”
Sceti has two previous CEO appointments
Leoni Sceti, an Italian national, has built up specific experience and skills in the areas of executing corporate strategies, building global brands and achieving strong financial results.
As well as Iglo, the European frozen foods giant, he has also served as the CEO of EMI Music, underlining a variety of types of businesses all serving the consumer sector, while also putting in time at senior leadership roles in both Reckitt Benckiser (RB) and P&G, exposing him to the personal care field.
During his time at Iglo Leoni Sceti has overseen a period of extensive brand rebuilding and recovery at the business, which has focused on the core Iglo and Birds Eye brands.