Beauty products company Coty Inc. named Elio Leoni-Sceti as its new CEO.
He replaces Bart Becht, who has been interim chief executive since former CEO Michele Scannavini left the company in September for personal reasons. Becht will remain as chairman of Coty.
Leoni-Sceti, 49, will join Coty on July 1. He was most recently CEO of Iglo Group, the frozen foods company behind the Birds Eye brand. Before that, he was CEO of music company EMI Music and spent 16 years at consumer goods company Procter & Gamble Co. He will stay on the board of Iglo Group and is also on the board of beer company Anheuser-Busch InBev.
With headquarters in New York, Coty makes fragrances for fashion brands and celebrities, including Calvin Klein, Beyonce and Vera Wang. Its makeup brands include NYC Color, Rimmel and OPI.
Shares of Coty Inc. rose 38 cents, or 1.5 percent, to $25.45 Monday morning. Earlier, the stock rose as to $25.76, its highest point since Coty started trading on the stock market nearly two years ago.
Copyright 2015 The Associated Press.