The new leadership mechanism is implemented as a “new permanent fixture” of the Group’s governance structure and was put in place to provide “consistent and sustainable leadership” after the departure of the firm’s most recent CEO, Camillo Pane, said chairman Luo Fei.
Pane joined the company only on September 1 and stepped down on November 17. Both parties had mutually agreed to separate due to Pane’s decision to pursue other personal and professional interests.
Akash Bedi, the regional CEO of North America, Europe, India & Middle East, assumed the role of ‘rotating CEO’ on December 1.
Akash is the first of the company’s three Group CEOs in assuming the role of ‘rotating CEO’, which will then be passed over to Nick Mann, regional CEO of Asia, Australia, and New Zealand, followed by Suceka Lee, regional CEO for China.
They will each perform the role for nine months.
The company has also established a CEO office as part of the new arrangement, which consists of the rotating CEO, Jason Wang, chief financial and operating officer, Victor Zhang, chief people officer, and Luo himself as standing members.
The company said that the structure was designed to build a dynamic leadership team that would enhance collaboration, introduce fresh perspectives, and encourage diverse thinking for strategic flexibility across its global operations.
It is also meant to allow each rotating CEO to leverage their unique expertise and skills to contribute to the Group's future success and growth.
“Mr. Pane has confirmed that he has no disagreement with the Board and there are no other matters in relation to the cessation of his role in the Company that need to be brought to the attention of the shareholders of the Company.
“For the purpose of providing consistent and sustainable leadership to the Group’s management after the departure of Mr. Pane, the Board has established a chief executive officer (“CEO”) Office… This new leadership mechanism shall be implemented as a new permanent fixture of the Group’s governance structure,” said Luo in a statement.
Third change in CEO in 12 months
This is the third time H&H Group saw a change at its topmost position in a year’s time.
Pane’s predecessor, Laetitia Albertini was the CEO between March 2019 and last December. Akash was the interim CEO before Pane joined.
Albertini was said to have left due to personal reasons but was re-elected as a non-executive director during this year’s annual general meeting. According to her LinkedIn profile, she joined the firm in August 2010 as an international cooperation director.
Before joining H&H, Pane was self-employed as a senior advisor to private equity funds and was also the CEO and member of the board of Coty between July 2016 and January 2019 as well.
Akash, on the other hand, joined H&H Group from HSBC Global Banking and Markets in July 2018 as group director, strategy and M&A.