Revlon CEO steps down

NEW YORK -- Revlon Inc. CEO Lorenzo Delpani intends to step down as president and CEO of the company effective March 1 for personal reasons.

The company said in a news release that Delpani will continue to serve on the board of directors and as a paid adviser.

“It has been a pleasure and privilege to lead this extraordinary company during a period of transformation and growth. It has been my mission to continue Revlon’s industry leading commitment to quality and innovation and it is the Revlon team’s relentless drive towards those goals that has paved the way for our current and future success. I want to thank all my good friends and colleagues at Revlon and MacAndrews & Forbes for their hard work and support, and I look forward to continuing our partnership to grow the company we love,” Delpani said.

The board also approved appointing current EVP and global president, Revlon Consumer Division, Gianni Pieraccioni, as the company’s new COO. 

Pieraccioni has served as the company’s Executive Vice President and Global President – Revlon Consumer Division since February 2014. Prior to joining the Company, Pieraccioni served as Executive Vice President and Chief Commercial Officer for Alitalia and as Global General Manager at Averna Group. 

"On behalf of all of us at Revlon and MacAndrews & Forbes, I want to express our gratitude to Lorenzo for his hard work and dedication to our company. Through creativity and a commitment to innovation, Lorenzo helped guide Revlon through a successful period of integration and transformation that has led to the strong business growth we are now seeing. We are pleased that he is staying on with the Board and as an advisor,” said Revlon Chairman Ronald O. Perelman.

The announcement comes several weeks after Perelman, the company's biggest shareholder, said it wanted to seek "strategic alternatives" for the company.