Coty Inc. (NYSE:COTY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously reported on the Current Report on Form 8-K of Coty Inc. (NYSE: COTY) (the “Company”) filed on January 14, 2019, Laurent Kleitman left his position as President, Consumer Beauty. On February 1, 2019, the Company and Mr. Kleitman entered into a separation agreement under which Mr. Kleitman will receive the severance benefits provided for under his existing employment agreement (previously filed as Exhibit 10.26 to the Company’s Form 10-K filed August 23, 2017) 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. to the separation agreement, Mr. Kleitman will continue to receive his fixed and variable remuneration and benefits in kind until October 31, 2019. The supplemental severance amount includes the payment of an additional twelve months of base salary (equal to $812,000, less applicable withholding and statutory deductions).
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 March 31, 2019.
About Coty Inc. (NYSE:COTY)
Coty Inc. is a beauty company. The Company operates through four segments: Fragrances, Color Cosmetics, Skin & Body Care and Brazil Acquisition. Its fragrance products include a range of men’s and women’s products. Its fragrance brands include Calvin Klein, Marc Jacobs, Davidoff, Chloe, Balenciaga, Beyonce, Bottega Veneta, Miu Miu and Roberto Cavalli. Its color cosmetics products include lip, eye, nail and facial color products. The brands in its Color Cosmetics segment include Bourjois, Rimmel, Sally Hansen and OPI. Its skin & body care products include shower gels, deodorants, skin care and sun treatment products. Its skin & body care brands are adidas, Lancaster, philosophy and Playboy. The Company, through Hypermarcas S.A., engages in personal care and beauty business. The Brazil Acquisition segment includes product groupings, such as skin care, nail care, deodorants and hair care products. It operates in the Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific.