Revlon's president and CEO steps down
Revlon has announced that current president and CEO, Fabian Garcia will be stepping down from his role to pursue other opportunities. A member of the New York City-based company's board of directors, Paul Meister will become executive vice chairman of the board and oversee the day-to-day operations of the company on an interim basis. Garcia will be staying on through the end of February to assist Meister with the transition of his duties.
This shift in management comes on the heels of the beauty brand also reporting a sizeable net loss as it works to integrate its previously announced Elizabeth Arden acquisition, into the rest of the company.
"It has been a privilege to serve as CEO of this iconic company," Garcia said. "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."
Garcia joined Revlon in 2016, after spending 13 years in various leading roles at Colgate-Palmolive, which included leading the company's businesses in Asia-Pacific, Eurasia, Latin America, Europe and the Hills Pet Nutrition businesses.
Meister has served on Revlon's board of directors since 2016 and is currently the president of MacAndrews & Forbes. He also was a co-founder of Liberty Lane Partners, a private investment company with investments in healthcare, technology and distribution-related industries.
"I'm thrilled to help lead Revlon during this transition period and I've been encouraged by the progress Revlon has made with respect to our extensive transformation initiatives. While we still have significant work to do, we're putting our iconic brands at the center of our strategy to better position us in this rapidly evolving marketplace. I look forward to enhancing our operating structure, driving innovation, and strengthening the future leadership team," Meister said.
This shift in management comes on the heels of the beauty brand also reporting a sizeable net loss as it works to integrate its previously announced Elizabeth Arden acquisition, into the rest of the company.
"It has been a privilege to serve as CEO of this iconic company," Garcia said. "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."
Garcia joined Revlon in 2016, after spending 13 years in various leading roles at Colgate-Palmolive, which included leading the company's businesses in Asia-Pacific, Eurasia, Latin America, Europe and the Hills Pet Nutrition businesses.
Meister has served on Revlon's board of directors since 2016 and is currently the president of MacAndrews & Forbes. He also was a co-founder of Liberty Lane Partners, a private investment company with investments in healthcare, technology and distribution-related industries.
"I'm thrilled to help lead Revlon during this transition period and I've been encouraged by the progress Revlon has made with respect to our extensive transformation initiatives. While we still have significant work to do, we're putting our iconic brands at the center of our strategy to better position us in this rapidly evolving marketplace. I look forward to enhancing our operating structure, driving innovation, and strengthening the future leadership team," Meister said.