Cosmetic brand Coty appoints Chairman Peter Harf as CEO

Cosmetic brand Coty has appointed its Chairman Peter Harf as the chief executive officer (CEO) of the company here on Monday.

Peter Harf has replaced Pierre Laubies, who stepped down after less than two years in the job.

Shares of the company spiked to 6% before the bell after it also said it had signed a deal with investment firm KKR for a majority stake in its professional and retail hair business, including Wella, Clairol and OPI brands.

Jimmy Choo boss Pierre Denis will not take up an executive position, and has also resigned from the company’s board, Coty said.

According to Coty, Denis was set to replace Laubies after his departure in May, but couldn’t do so.

The appointment of Harf marks the company’s fourth CEO change in less than four years.

Coty has been struggling to integrate Procter & Gamble’s beauty business, which it purchased in 2016 for about $12 billion.

Peter Harf’s appointment news was first reported by The Wall Street Journal.