Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  Coty    COTY

COTY

(COTY)
My previous session
Most popular
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

COTY INC. : Change in Directors or Principal Officers (form 8-K)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/11/2019 | 09:36am EDT

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

   On January 11, 2019, Coty Inc. (NYSE: COTY) (the "Company") announced a
series of executive changes.
On January 10, 2019, the Company appointed Pierre-André Terisse, age 52, to the
position of Chief Financial Officer and a member of the Executive Committee,
effective as of February 1, 2019. In connection with such appointment, the
Company issued an offer letter that was accepted by Mr. Terisse (the "Offer
Letter"). Under the terms of the Offer Letter, Mr. Terisse will serve as the
Company's Chief Financial Officer on an at will basis, during which time he is
entitled to the following compensation and benefits: (i) an annual base salary
in the amount of GBP 600,000; (ii) an annual incentive bonus under the Company's
Annual Performance Plan ("APP Bonus") targeted to be 70% of his annual base
salary; (iii) participation in the Company's Elite stock investment program as
described in the Company's Proxy Statement filed with the Securities and
Exchange Commission on September 20, 2018 (the "Elite program"), with a target
investment amount of $2,500,000 million; (iv) eligibility for annual long-term
incentive awards, in such amounts and in such form as shall be determined by the
Company's Board of Directors or a duly authorized committee thereof and (v)
participation in the employee benefit plans generally made available to senior
officers of the Company in the United Kingdom. In addition, Mr. Terisse has been
awarded a one-time grant, to be issued in February 2019, of restricted stock
units with a value equal to $1,500,000, vesting 60 percent on the third
anniversary of grant, 20 percent on the fourth anniversary of grant and 20
percent on the fifth anniversary of grant, subject to his continued employment
with the Company through each applicable vesting date. Upon employment, in
accordance with the Company's customary practice in the United Kingdom, Mr.
Terrise will enter into an employment agreement with the same terms as the offer
letter.  The foregoing description is qualified in its entirety by reference to
the full text of the employment 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, 2018.
Mr. Terisse joins the Company with over 30 years of public company finance
experience, including experience in business turnarounds, treasury and finance
integration. He spent the majority of his career at Danone, S.A, as Group CFO
from 2008 to 2015 and as General Manager of Danone's Africa Division from 2015
to 2017, where he designed and implemented the division's strategy, operational
foundations and innovation pipeline. In 2017, he founded MAYI Africa, a
privately-held company. Mr. Terisse holds a Bachelor's Degree in Business and
Management from IAE Lyon III, as well as a Master's Degree in Finance from EM
Lyon Business School. There have been no transactions, nor are there any
currently proposed transactions, to which the Company or any of its subsidiaries
was or is to be a participant in which Mr. Terisse, or any member of his
immediate family, had, or will have, a direct or indirect material interest.
On January 11, 2019, the Company also announced the appointment of Luc Volatier
as the Company's new Chief Global Supply Chain Officer and a member of the
Company's Executive Committee, effective as of January 14, 2019. Mario Reis will
leave his position as Chief Global Supply Chain Officer.
As part of the leadership changes, the Company is evolving the leadership
structure of the Consumer Beauty division. As the Company's Chief Executive
Officer, Pierre Laubies will lead the strategic turnaround of the Consumer
Beauty division. The Company has appointed Gianni Pieraccioni as Chief Operating
Officer of the Consumer Beauty division and a member of the Executive Committee,
effective as of January 14, 2019. Laurent Kleitman will leave his position as
President, Consumer Beauty.
In connection with these appointments, the Company provided offer letters to
Messrs. Volatier and Pieraccioni setting forth the primary compensation elements
for their respective positions.  Under the terms of his offer letter, Mr.
Volatier is entitled to the following compensation and benefits: (i) an annual
base salary in the amount of CHF 650,000 ; (ii) an APP Bonus targeted to be 70%
of his annual base salary; (iii) participation in the Elite program, with a
target investment amount of $5,000,000 million; (iv) eligibility for annual
long-term incentive awards, in such amounts and in such form as shall be
determined by the Company's Board of Directors or a duly authorized committee
thereof and (v) participation in the employee benefit plans generally made
available to senior officers of the Company in the United Kingdom. In addition,
Mr. Volatier has been awarded a one-time grant, to be issued in February 2019,
of restricted stock units with a value equal to $1,500,000, vesting 60 percent
on the third anniversary of grant, 20 percent on the fourth anniversary of grant
and 20 percent on the fifth anniversary of grant, subject to his continued
employment with the Company through each applicable vesting date.
Under the terms of his offer letter, Mr. Pieraccioni is entitled to the
following compensation and benefits: (i) an annual base salary in the amount of
$800,000; (ii) an APP Bonus targeted to be 70% of his annual base salary; (iii)
participation in the Elite program, with a target investment amount of
$2,000,000 million; (iv) eligibility for annual long-term incentive awards, in
such amounts and in such form as shall be determined by the Company's Board of
Directors or a duly authorized committee thereof and (v) participation in the
employee benefit plans generally made available to senior officers of the
Company in the United States. In addition, Mr. Pieraccioni has been awarded (i)
a one-time sign-on bonus of $300,000, repayable upon resignation before the
first anniversary of employment and (ii) a one-time grant, to be issued in
February 2019, of restricted stock units with a value


--------------------------------------------------------------------------------


equal to $2,000,000, vesting 60 percent on the third anniversary of grant, 20
percent on the fourth anniversary of grant and 20 percent on the fifth
anniversary of grant, subject to his continued employment with the Company
through each applicable vesting date.
The foregoing descriptions are qualified in their entirety by reference to the
full text of the respective offer letter, 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, 2018.
In addition, Esra Erkal-Paler, Chief Corporate Affairs Officer, has decided to
leave the Company to pursue other opportunities. As part of its ongoing
transformation efforts, the Corporate Affairs function will be integrated into
the Company's three divisions and functions.
A copy of the press release announcing the appointments of Messrs. Terisse,
Volatier and Pieraccioni and the departures of Messrs. Kleitman and Reis and Ms.
Erkal-Paler is attached to this Current Report on Form 8-K as Exhibit 99.1.
Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the
liabilities under that Section and shall not be deemed to be incorporated by
reference into any filing of the Registrant under the Securities Act of 1933 or
the Exchange Act. A copy of the press release is also available on the Company's
website at www.investors.coty.com, under the "Investor News" tab.

(d) Exhibits:

 Exhibit No.    Description
     99.1       Press release, dated January 11, 2019.






--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on COTY
03/18COTY INC. : Entry into a Material Definitive Agreement, Other Events, Financial ..
AQ
03/18COTY INC. : Announces Board Recommendation Regarding the Tender Offer by an Affi..
BU
03/12COTY INC. : Revises Tax Classification of Dividends
BU
03/07Hand Cream & Lotion - Growing Popularity and Emerging Trends in the Market wi..
AQ
02/27COTY : Announces Filing of Solicitation/Recommendation Statement on Schedule 14D..
BU
02/25COTY : JAB broadens expansion with stake in pet hospitals
RE
02/15COTY INC. : Other Events (form 8-K)
AQ
02/15COTY : Forms Special Committee to Evaluate JAB Tender Offer
BU
02/14Germany's JAB plans to list unit owning Keurig, Dr Pepper
RE
02/13Investor Set to Boost Stake in Coty -- WSJ
DJ
More news