Ontex appoints Laurent Nielly as New Chief Executive Officer
Laurent takes over the role from Gustavo Calvo Paz.
BELGIUM – Ontex announced a leadership transition, naming Laurent Nielly as the new CEO effective after the annual shareholders’ meeting on May 5, 2026.
Gustavo Calvo Paz receives thanks from the Board for his prior service as a director and CEO, during which he drove the firm’s strategic overhaul.
Key actions under his leadership included selling off non-core assets, streamlining operations and product lines, and sharpening emphasis on Europe and North America to build a more resilient structure.
Hans Van Bylen, Chairman of the Board, stated, “Under the leadership of Gustavo Calvo Paz, we have accelerated our strategic reorientation and have taken significant steps to strengthen our business and operations.”
“The Board of Directors believes that Laurent Nielly is the right person to build on Gustavo’s accomplishments and lead Ontex in accelerating its value creation.”
The Board of Directors selected Nielly, who has served as President of Ontex’s Europe Division since 2021, overseeing retailer brands and healthcare operations across the region. Before that role, he managed the company’s Brazil business.
Nielly offers over 25 years of global expertise from regions including Europe, the US, and Latin America, gained at firms like P&G, McKinsey & Company, PepsiCo, and Coty, with an early career focus on finance, strategy, innovation, commercial excellence, and profit-and-loss accountability.
Meanwhile, Ontex has revised its full-year 2025 outlook downward due to ongoing weakness in baby care consumer demand, now anticipating a mid-single-digit percentage decline in like-for-like revenue, compared to its earlier forecast of a low-single-digit drop.
Adjusted EBITDA is expected to be in the range of €175million (USD 190.8 million) to €180 million (USD 196.2 million), representing a margin of around 10%, down from the previous guidance of €200 to €210 million (USD 218–228.9 million).
Free cash flow is now projected to be an outflow of approximately €35 million (USD 44.8 million), rather than the previously expected breakeven, while the leverage ratio is forecasted to end the year at around 3.2x, up from the earlier estimate of 2.5x.
In response to these challenges, Ontex is accelerating a three-year efficiency improvement initiative targeting €200 million (USD 218 million) in savings, with implementation costs below €40 million (USD 51.2 million), aiming to strengthen competitiveness and improve margins.
Sign up to receive our email newsletters with the latest news updates and insights from Africa and the World HERE.
