Nestle SA, Bettencourt family to work on L’Oreal after stakes expire
PARIS Nestle SA and France’s Bettencourt family will continue to work together on beauty company L’Oreal after their stakes in the company expire April 29, according to published reports.
Both Nestle and Bettencourt own about 30% stakes in L’Oreal and industry observers have been speculating on what Nestle might do with its stake when the shareholder pact expires.
According to a Reuters report, the two parties said in a joint statement, “The Bettencourt family and the Nestle company will continue on acting in concert towards the L’Oreal company beyond 29 April 2009.”
The report also quoted a Nestle spokeswoman who said, while there is no immediate need to act, the future of the firm?s involvement in L’Oreal is a high priority for the board.
Under the current agreement, Nestle is not able to snap up more L’Oreal shares until six months after the death of Liliane Bettencourt, the 86-year-old billionaire daughter of the firm’s founder. It also has right of first refusal if the family wants to sell up.
PCPC appoints TechNet executive to president, CEO post
WASHINGTON The Personal Care Products Council has appointed TechNet executive Lezlee Westine as its new president and CEO. Westine succeeds former PCPC president and CEO Pamela Bailey, who left the council in December 2008 to head the Grocery Manufacturers Association.
Westine will assume her role at the council in May. She currently serves as president and CEO of TechNet, a bipartisan political network of CEOs and senior executives of U.S. technology companies. As TechNet president and CEO, Westine directs and oversees day-to-day operations, strategic planning and development and implementation of TechNet’s public policy and political agenda.
Prior to TechNet, Westine served as the White House director of public liaison. In that role, she serves as White House chief liaison to all constituency groups, national trade associations and non-profit organizations and developed relationships with advocacy groups from both sides of the aisle to find areas of common ground. She also directed the administration?s women?s outreach programs, organized an initiative to draw needed attention to the plight of Afghan women and garnered support for the Trade Promotion Authority, the presidential fast-track negotiating authority for U.S. trade agreements.
Coty appoints new president of Coty Beauty division
NEW YORK Coty Inc. announced Friday the appointment of Renato Semerari as president of the company’s Coty Beauty division.
Semerari will manage all Coty brands available in mass distribution in the Americas, Europe, Asia and the Middle East.
Among his key responsibilities, Semerari will seek new business ventures and collaborations, as well as oversee the continued development and expansion of the Coty Beauty portfolio. He also will serve as a member of Coty’s executive committee.
“Renato’s broad and diverse experience will be an incredible asset in moving Coty Inc. and Coty Beauty toward the next stage of our success,” said CEO Bernd Beetz. “He is an accomplished leader with a real passion for our industry and a phenomenal addition to the Coty family.”
Semerari started his career in 1986 with Procter & Gamble where he held a series of positions of increasing responsibility. While at P&G, he worked across all categories of the marketing department for personal care, oral care, skin care, paper and detergents, in both Italy and the United Kingdom. He also has held positions at LVMH as international marketing director of Parfums Christian Dior and president and CEO of Guerlain.
Prior to his appointment at Coty, Semerari served as the president and CEO of Sephora Europe since October 2007. In this role, he was responsible for 12 subsidiaries and an extensive store network. During his tenure, Sephora grew rapidly in pre-existing markets while geographically expanding into new countries.
Semerari will take leadership of Coty Beauty in early May. He replaces Hans Joachim Honigfort who will retire in the fall after seven years with Coty.