Coty Names New CEO as Part of Deal With KKR
In another chapter of the ongoing saga of businesses struggling amid the COVID-19 pandemic, Coty (NYSE: COTY) announced today that Peter Harf, the company's chairman, will take over as CEO to attend to the company's turnaround.
Coty has seen its business decline as customers move toward higher-end lines, and it's been saddled with debt since it struck an ill-fated deal to buy $12 billion worth of low-end cosmetics brands from Procter & Gamble in 2016. Efforts to recharge those brands were stalled by the arrival of COVID-19.
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Source Fool.com
