Joachim Creus
Director at COTY
Board
About Joachim Creus
Joachim Creus (age 49) has served on Coty’s Board since 2019, bringing more than 20 years of experience in complex legal, tax and transactional matters across Europe, Asia and North America . He is Chairman and Co‑CEO of JAB Holding Company S.à r.l. (since May 2025), previously Managing Partner (since March 2021) and CEO (January 2024); earlier roles include Partner, General Counsel and Head of Tax at JAB . His education includes multiple degrees from KU Leuven and an LL.M. in International Tax Law from Vienna University of Economics and Business .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| JAB Holding Company S.à r.l. | Chairman & Co‑CEO | May 2025–present | Leadership of controlling shareholder group; governance interlock with Coty |
| JAB Holding Company S.à r.l. | Managing Partner | Mar 2021–present | Oversight of investments and governance across portfolio |
| JAB Holding Company S.à r.l. | CEO | Jan 2024–May 2025 | Strategic and operational leadership of JAB |
| JAB Holding Company S.à r.l. | Partner/GC/Head of Tax | Prior to 2021 | Led legal/tax structuring, financing, negotiations, antitrust matters |
| Siemens | Tax Director | From 2007 (prior to JAB) | Corporate tax leadership |
| Rödl & Partner; Tiberghien Lawyers | Legal/Tax roles | Prior to Siemens | Legal and tax advisory |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| JDE Peet’s N.V. | Director | Current | Publicly listed outside the U.S. |
| Keurig Dr Pepper Inc. | Director | Until Feb 2025 | Ended board service February 2025 |
Board Governance
- Committee assignments: Not a member of the Audit & Finance Committee (AFC) or the Remuneration & Nomination Committee (RNC); AFC members are Makanju, Parize, Singer (Chair); RNC members are Ballini (Chair), Rochet, Singer .
- Independence: Board determined Creus is independent under NYSE standards .
- Attendance: In FY2025, the Board held 6 meetings; AFC 8; RNC 5; an ad hoc Special Committee held 21; each director attended more than 75% of applicable meetings .
- Leadership structure: Lead Independent Director role held by Beatrice Ballini from July 16, 2025; Board meets regularly in executive session without management .
- Controlled company context: Coty is a “controlled company” under NYSE due to JAB Group’s voting power; Board voluntarily maintains majority independent directors and an all‑independent RNC .
Fixed Compensation
| Component | FY2025 Amount | Notes |
|---|---|---|
| Annual cash retainer | $120,000 | Standard non‑employee director retainer |
| Committee chair fees | $0 | Not a chair (AFC/RNC chairs receive $30,000) |
| Lead Independent Director fee | $0 | Role held by Ballini (additional $30,000) |
| Special Committee fees | $0 | FY2025 ad hoc members were Huth (Chair), Ballini, Parize |
| Total cash | $120,000 | Prorated as applicable |
Performance Compensation
| Instrument | Grant Date | Quantity | Grant Date Fair Value | Vesting & Terms |
|---|---|---|---|---|
| RSUs (annual director grant) | Nov 15, 2024 | 25,000 (standard for non‑employee directors) | $180,000 | 5‑year vest; accelerates on death/disability or change in control; pro‑rata vesting if termination ≥1 year after grant |
- Directors do not receive performance‑conditioned equity; RSUs are service‑based with long‑dated vesting intended to align with long‑term value creation .
Other Directorships & Interlocks
| Entity | Relationship to Coty | Interlock/Conflict Considerations | Governance Mitigants |
|---|---|---|---|
| JAB Group (JAB Beauty B.V., JAB Holdings) | Controlling stockholder (51.7% Class A owned by JAB Beauty as of Sep 12, 2025) | Creus is Chairman & Co‑CEO of JAB; may be deemed to have indirect pecuniary interest and is compensated by JAB | Amended & Restated Stockholders Agreement requires disinterested special committee approvals for material related transactions; restrictions on further acquisitions; Rule 13e‑3 protections; minimum number of independent disinterested directors |
| JDE Peet’s N.V. | Director (public, non‑U.S.) | Information flow across JAB portfolio; industry adjacency | Board independence framework and related party policy oversight by AFC |
| Keurig Dr Pepper Inc. | Former director (until Feb 2025) | Prior interlock with JAB portfolio company | Role ended Feb 2025 |
| Pret A Manger Ltd (affiliate of JAB) | Sublease with Coty; fees ~$164,640 FY2025 | Related party exposure via JAB affiliate | AFC policy reviews and pre‑approvals; terms on market basis |
Expertise & Qualifications
- Skills matrix highlights finance/investment banking, corporate governance, legal/tax/public policy, international business experience .
- Biography emphasizes deal structuring, financing, contract negotiation and antitrust, with global perspective from roles in Europe, Asia and North America .
Equity Ownership
| Metric | Value | As‑of |
|---|---|---|
| Class A shares beneficially owned | 6,547 | Sep 12, 2025 |
| Ownership percentage | Less than one percent (“*”) | Sep 12, 2025 |
| RSUs outstanding (director compensation) | 125,000 | Jun 30, 2025 |
| Shares outstanding (Class A) | 873,857,477 | Sep 12, 2025 |
| Hedging/Pledging | Hedging prohibited by policy; pledging not disclosed | Policy status |
- Director stock ownership guidelines require ≥3x annual cash retainer within a 5‑year phase‑in; majority of executives/directors have achieved initial compliance; non‑compliance may restrict future equity grants .
Governance Assessment
-
Positives
- Board independence and oversight: Creus is classified as independent under NYSE standards; Board keeps majority independent directors and an all‑independent RNC despite controlled company status .
- Attendance and engagement: Each director attended >75% of meetings; Board held 6 meetings in FY2025, with regular executive sessions; Lead Independent Director appointed July 16, 2025 .
- Pay alignment for directors: Long‑dated 5‑year RSUs (service‑based) and modest cash retainers indicate long‑term orientation and cost discipline .
- Shareholder signals: 94.3% Say‑on‑Pay support in 2024 suggests broad investor confidence in compensation governance .
- Compliance: Proxy identifies specific late Section 16 filings by others; no late filings noted for Creus .
-
RED FLAGS / Watch‑items
- Controlling stockholder interlocks: As JAB’s Chairman & Co‑CEO, Creus has an indirect pecuniary interest in JAB’s stake and receives JAB compensation—heightened perceived conflict risk despite formal independence .
- Related party exposure: Transactions with JAB affiliates (e.g., Pret A Manger sublease) create ongoing related‑party considerations, though amounts appear modest and are subject to AFC policy review .
- Concentration risk: JAB Beauty B.V. beneficially owns ~51.7% of Class A; governance remains robust via Stockholders Agreement, but investor perception risk persists in controlled company structures .
-
Mitigants
- Strong protective covenants: Amended & Restated Stockholders Agreement mandates disinterested special committee approvals for material related transactions and any Rule 13e‑3 transaction; sets acquisition and transfer restrictions; requires minimum independent disinterested directors .
- AFC/RNC independence and process: AFC oversees related person transactions; RNC engages independent consultants (e.g., Willis Towers Watson) and oversees executive compensation with multi‑metric design .
Implication for investors: Creus brings deep transaction and governance expertise, but his dual leadership at the controlling stockholder heightens perceived conflict risk; Coty’s governance guardrails (independent committees, special committee requirements, long‑dated director RSUs, and strong attendance) partly offset this risk. Ongoing monitoring of related‑party dealings and board independence refresh is advisable .