The President and CEO of Revlon, Fabian Garcia has stepped down in order ‘to pursue other opportunities’, according to a press release issued by the company.
Revlon has announced that Paul Meister, currently a member of Revlon’s Board of Directors will be appointed Executive Vice Chairman of the Board and oversee operations on an interim basis. Garcia will remain in situ through the end of February to ease the transition.
“It has been a privilege to serve as CEO of this iconic company,” said Fabian Garcia. “I want to thank each and every one of the women and men of Revlon whose relentless commitment and passion for the beauty business have made this company the global cosmetics leader it remains today. I also want to thank MacAndrews & Forbes for their support as we started to transform the company after the Elizabeth Arden acquisition all the way through the most recent launch of the new and exciting ‘Live Boldly’ Revlon campaign. I’m confident that Revlon will continue to succeed as the company executes its long term growth plan, which is already having an impact on reestablishing its status as a trendsetter and pioneer in the industry.”
“This has been a difficult year for us balancing the successful integration of Elizabeth Arden with the rise of e-commerce and specialty beauty stores. We are aggressively catching up to that rapid transformation and I want to thank Fabian for his leadership through this challenging and dynamic period,” said Ronald O. Perelman, Chairman of the Revlon Board of Directors. “I look forward to continuing to realize the benefits of the Elizabeth Arden acquisition and evolving to grow in this exciting new way of business. The company has gained momentum and is now poised for future growth.”
Revlon also announced its preliminary unaudited results for the fiscal year and fourth quarter, 2017. Sales were down to US$785 million in the final quarter, versus US$801 million in the same period in 2016. Full year sales are estimated at US$2.7 billion compared to US$2.3 billion the previous year.