Revlon names its next CEO - USA
IOL Business - Mar 30th 2016, 08:59
New York - Revlon named Fabian Garcia as its next chief executive officer, turning to a Colgate-Palmolive veteran to revamp the cosmetics company.
Garcia, 56, will take the reins on April 15 and serve on Revlon’s board, the New York-based company said in a statement on Monday. Investors reacted coolly to the move, which may have tamped down speculation that Revlon will be a takeover target. The stock declined 3.8 percent on the news.
Garcia joins Revlon at an unsettled moment for the seller of makeup, hair-care products, and fragrances. After a 19 percent stock decline last year, top Revlon backer MacAndrews & Forbes said in January that it was considering “strategic alternatives” for the business. The investment firm, run by billionaire Ron Perelman, owns 78 percent of Revlon.
The January news sent the shares up 12 percent in a single day, with investors betting that the company would be acquired. Monday’s CEO announcement, which signalled that Revlon was looking to overhaul the company on its own, erased much of that rally. The stock fell to $34.64 in New York on Monday.
Perelman said in Monday’s statement that Garcia had shown a track record of success driving sales and profits at Colgate. “He has the global strategic, marketing, sales, financial, and operational leadership experience to successfully lead Revlon into the future,” he said. Garcia also worked at Timberland, where he managed international operations.
Revlon’s last CEO, Lorenzo Delpani, stepped down on March 1, citing personal reasons. He stayed on as a paid adviser and board member.
Perelman gained control of Revlon in 1985 using cash raised with the help of former junk bond chief Michael Milken. He sought to take the cosmetics maker private in 2009, prompting a lawsuit from other investors that he later agreed to settle.
In recent years, Revlon has worked to revive growth. Sales of some of its larger brands had slowed, and Revlon pulled out of China about two years ago. It’s sought to find new areas of expansion by acquiring Colomer Group, a deal that brought it Creative Nail professional and Shellac nail polishes.
The company’s most recent quarterly results were strong, helping bolster the stock in February. Sales gained 4.2 percent to $521.9 million in the fourth quarter.From © Independent On-line 2016. All rights reserved.
Colgate-Palmolive commits to 100% recyclability of plastic packaging by 2025
24/05/2018 - 16:28
Colgate-Palmolive Company has committed to 100% recyclability of plastics in packaging across all its product categories by 2025.
Colgate-Palmolive announces $100 million skin-care acquisitions
08/01/2018 - 08:42
Global personal-care company Colgate-Palmolive has announced the acquisition of the two skincare brands, PCA Skin and EltaMD Skin Care.
New York City boosts cigarette prices to $13 per pack
30/08/2017 - 09:19
New York boosted the minimum price of a pack of cigarettes by 24 percent to $13 (€10.80) and placed a cap on the number of tobacco sellers, part of the city’s biggest crackdown on smoking in more than a decade.
MediaCom, indaHash launch campaign for Revlon SA
14/10/2016 - 12:22
Following successful launches in countries such as Poland, Germany and the UK, indaHash has launched its first campaign in South Africa this month in partnership with MediaCom. The campaign, executed on behalf of Revlon, will benefit from indaHash's unique ability to automate collaboration between brands and digital influencers.
Zeekit launches app to virtually try on outfits before buying online or in-store
19/09/2016 - 14:26
NEW YORK - Zeekit, a B2C platform and mobile app that reinvents the way consumers browse, share and shop from their mobile devices, has launched an advanced virtual fitting room app for consumers and retailers.