Revlon Names New CEO After Saying It Was Exploring Options--Update
March 28 2016 - 11:04AM
Dow Jones News
By Austen Hufford
Revlon Inc. said it had appointed Fabian Garcia as chief
executive, months after the cosmetics company said it was exploring
strategic alternatives.
Mr. Garcia was previously chief operating officer for global
innovation and growth at Colgate-Palmolive Co.
Shares of Revlon fell 9.5% to $32.58.
In January, controlling shareholder and Chairman Ronald O.
Perelman disclosed he was exploring strategic alternatives for the
company. In February, then-Chief Executive Lorenzo Delpani said he
would step down as president and CEO as of March 1 for personal
reasons. At the time, the company didn't immediately name a
successor, interim CEO or an executive search committee, all
typical moves associated with CEO changes.
Revlon didn't say Monday whether the new CEO signaled an end to
the strategic alternatives process. The company couldn't
immediately be reached for comment.
Mr. Garcia also was appointed president of Revlon and added to
the company's board. His initial contract is for five years, and he
will start April 15.
Mr. Perelman holds about three-quarters of the company through
his investment firm MacAndrews & Forbes Inc. He won the company
in a 1985 takeover battle. The New York City-based company is best
known for its namesake cosmetics line.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
March 28, 2016 10:49 ET (14:49 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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