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The Incoming CEO Of Kylie Beauty Exits Before Assuming The Role Amid ‘Forbes’ Drama

He cited 'personal reasons'  for his decision.
PHOTO: (LEFT) Instagram/kyliecosmetics; (RIGHT) Instagram/kyliejenner

Looks like Kylie Jenner Cosmetics is going through some changes. Apparently, Coty (the company that bought a majority stake in Kylie Cosmetics for $600 million) just announced that incoming Kylie Beauty CEO Christoph Honnefelder will not be assuming the role due to personal reasons. He’ll be replaced by the company’s current president of luxury brands, Simona Cattaneo.

“[Cattaneo] assumes these responsibilities from Christoph Honnefelder, who announced to the senior team internally a number of weeks ago that he would not be assuming the role of CEO of Kylie Beauty for personal reasons,” Coty said in a statement, per WWD. “Under Simona’s leadership, we are excited by the opportunities for the Kylie Beauty business, as indicated by the very successful recent launch of Kylie Skin in Europe.”

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This news comes several days after Forbes dropped an article not-at-all dramatically titled Inside Kylie Jenner’s Web of Lies—and Why She’s No Longer a Billionaire,” in which it basically accused Kylie of inflating her personal wealth and forging her tax returns. It also said Kylie Cosmetics “is significantly smaller and less profitable than the family has spent years leading the cosmetics industry and media outlets to believe” and claimed Kylie “is not a billionaire.”

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Kylie, who’s allegedly “freaking out” over the Forbes piece, responded on Twitter, saying in part: “What am I even waking up to. I thought this was a reputable site…all I see are a number of inaccurate statements and unproven assumptions lol. I’ve never asked for any title or tried to lie my way there EVER. period.”

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This article originally appeared on Minor edits have been made by the editors.