There are some notable positives from Coty's (COTY) latest CEO change - in particular, the luxury business should benefit from new CEO Denis' experience in luxury cosmetics at LVMH. However, the timing of the shift does not strike me as advantageous. As Coty's headquarters now shifts to Amsterdam and key executives transition, the progress of the proposed asset sales could suffer a setback. Coupled with the recent coronavirus outbreak, I am uncertain that phase one will be completed by June (i.e., when former CEO Laubies exits Coty), which introduces short-term execution risk into