Paul Meister, a member of Revlon’s board of directors, will become executive vice chairman of the board, overseeing day-to-day operations of the company on an interim basis. Garcia will stay on through the end of February to assist Meister with an orderly transition of his duties.
“It has been a privilege to serve as CEO of this iconic company,” said 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.”
Meister has served on the board of directors at Revlon since 2016. He is currently president of MacAndrews & Forbes and was co-founder of Liberty Lane Partners, LLC, a private investment company with investments in healthcare, technology, and distribution-related industries. He previously served as chairman and CEO of inVentiv Health (now Syneos Health, Inc.) and chairman of Thermo Fisher Scientific Inc.
Revlon also announced preliminary unaudited financial results for its fiscal year and fourth quarter ended December 31, 2017.
The company currently estimates that net sales were approximately $785 million for the three-month period ended December 31, 2017, compared to $801 million in the fourth quarter of 2016. Full year 2017 net sales are estimated to be approximately $2.7 billion, compared to $2.3 billion in 2016.
PHOTO: Fabian Garcia