SAO PAULO (Reuters) -Brazilian cosmetic group Natura announced on Thursday a leadership shake-up as well as a restructuring proposal that would swap out the entity that is listed on the local stock exchange.

Under the plan, set to be voted on by shareholders on April 25, the currently listed holding company Natura&Co will be integrated into its Natura Cosmeticos subsidiary, which would then become the group's parent firm with shares listed on Brazil's stock exchange.

The revamp should lead to a more efficient structure while providing shareholders with value by "enabling a future distribution of Natura Cosmeticos's profits," Natura&Co and Natura Cosmeticos said in a joint securities filing.

The deal reverses a move made by the group in 2019, after Natura had bought Avon Products in an acquisition that created a global beauty powerhouse. Avon's U.S. business, which was never owned by Natura, was not a part of the deal.

Natura rapidly grew through high-profile acquisitions over the last decade, including the purchase of Avon, The Body Shop and Aesop, but struggled with profitability. That led to a quest for deleveraging in recent years, with management shifting to focus on Natura and Avon's operations in Latin America.

Natura&Co's CEO, Fabio Barbosa, and Chief Financial Officer Guilherme Castellan will leave their roles, the firm said in the filing. Barbosa will be named chairman of the new parent firm, while Castellan is leaving the group.

Barbosa, who has been Natura&Co's CEO since 2022, oversaw the sale of brands Aesop and The Body Shop.

The group repeated on Thursday that it was still weighing alternatives to its Avon business outside Latin America, which could include selling the unit.

Joao Paulo Ferreira will stay on as Natura Cosmeticos' CEO, and Silvia Vilas Boas will remain CFO, the filing said. Under the proposal, both would then lead the new parent firm.

Castellan is set to stay on through May 12 to aid in the transition.

The group said the leadership changes are backed by its founders and controlling shareholders, who will remain on the board of the new listed entity.