NEW YORK — A new chief executive officer will not be taking the reins at Coty Inc. next month.

Elio Leoni Sceti

Coty said Tuesday that Bart Becht will remain as interim CEO of the company and continue in his role as chairman. With the move, Elio Leoni Sceti, slated to join the Coty as CEO on July 1, has reconsidered and won’t be joining the company.

“After further discussion, the Coty board of directors determined that leadership continuity is critical in ensuring the continued success of Coty’s strategy implementation,” stated Peter Harf, director and chairman of the remuneration and nomination committee of Coty. “We certainly understand Elio’s decision not to join Coty as planned, thank him for his professionalism throughout this process, and we wish him all the best in his future endeavors.”

Coty had announced in April that Sceti, a veteran consumer goods executive and CEO of European frozen food company Iglo Group, would join the beauty care company in July as CEO, with Becht continuing as chairman following the transition. Becht had been appointed as interim CEO last September when Michele Scannavini stepped down from the chief executive post and Coty’s board.

The announcement of Becht remaining as interim CEO comes in the wake of reports last week that Coty is set to acquire three beauty care businesses from Procter & Gamble Co.  According to published reports, Coty has won an auction to buy P&G’s CoverGirl and Max Factor cosmetics brands, Wella hair care business and fragrance business in a deal that could have a total value of as much as $12 billion.

Coty’s beauty product portfolio includes fragrances, color cosmetics, skin care and body care and such brands as adidas, Calvin Klein, Chloé, DAVIDOFF, Marc Jacobs, OPI, philosophy, Playboy, Rimmel and Sally Hansen.