Former EMI Music CEO Elio Leoni-Sceti (pictured with singer Katy Perry has turned down a gig as Coty’s CEO — and got paid $2.3 million anyway. Picture: Jeff Vespa / Wire Image Source: Getty Images

Former EMI Music boss Elio Leoni Sceti, 49, was due to take over as chief executive of New York fragrance giant Coty next month, after having been hired by the company in April.

In a statement this week, Coty announced Sceti “has reconsidered and decided not to join Coty”, leaving the company’s interim chief executive, Bart Becht, in the role.

But it has also emerged the company had reached a dissolution agreement with Sceti, under which it would pay the not-to-be CEO $US1.75 million ($A2.26 million) in severance — as well as buying back Sceti’s preferred stock, which is worth about $US55,000 ($A71,000).

Italian-born Sceti was most recently chief executive of frozen foods maker Iglo Foods, the company behind the Birds Eye brand.

Stifel Nicolaus analyst Mark Astrachan said he suspected Coty’s board decided it wasn’t a good time to change the company’s leadership.

He told AP Sceti was probably offered a different job at Coty but declined.

“We believe the decision relates in part to company fundamentals remaining challenged and believe Mr Becht staying on as CEO gives the company the chance to improve results as he did during his tenure at Reckitt Benckiser,” he said.

Coty sells fragrances, cosmetics and skin care products under brand names including Calvin Klein, Marc Jacobs, OPI and Sally Hansen.

Its former chief executive, Michele Scannavini, left the company for personal reasons in September.