It had to happen. Sooner or later someone somewhere was meant to be offered the position of CEO. And after mulling it over, he or she would decide not to take the offer.
Fair enough. But in exchange for his doing nothing, and for his having earlier said he would take the job, Coty, Inc. paid Elio Leoni Sceti $1.8 in severance pay. Apparently that amount was to settle the earlier offer that he did not fulfill and was no longer interested in fulfilling.
Does any of this make sense? To sane and sensible people, it does not. But in the business world where money is bandied about like jelly beans among good old boys in their network of good old boys, who cares? It’s just money that they did not earn, and they believe they are free to toss around as they see fit. It only came from those stupid people who buy their products.
I don’t buy fragrances from Coty. I absorb them from time to time down at the local pub, but basically those fragrances are free. If that is also the thinking at Coty, wouldn’t it be interesting if a lot of us informed Coty that we also do not want the position of CEO? Here is a letter that you are free to use to inform them of your gratitude for not accepting you as their CEO.
Coty Inc.
Empire State Building
17th Floor
New York, NY 10118
United States - Map
Phone: 212-389-7300
Website: http://www.coty.com
Ladies and Gentlemen:
Please be informed that I do not want and will not fulfill the duties and responsibilities of CEO of Coty, Inc. Please send my $1.8 million dollar severance pay to my temporary residence at the Four Seasons Hotel in Lucerne Switzerland where I will be resting following an exhausting summer of doing nothing.
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