Revlon names veteran Colgate-Palmolive executive Fabian Garcia as next CEO
29 March 2016
Revlon has named Fabian Garcia as its next chief executive officer, a veteran Colgate-Palmolive executive who would be expected to revamp the company.
According to a statement from New York-based Revlon, Garcia would take the reins on 15 April. The 56-year-old would also serve on the board at the company. Lorenzo Delpani, the last CEO stepped down on 1 March for personal reasons.
Garcia's appointment comes at time when the owner, investment firm, MacAndrews & Forbes, said in January that it was considering "strategic alternatives" for the business. The investment firm owns 78 per cent of Revlon, a maker of makeup, hair-care products and fragrances.
Billionaire Ron Perelman, who runs MacAndrews & Forbes, said in a statement yesterday 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 in the statement.
Delpani had announced he would be leaving his post as Revlon's president and CEO in Februaruy.
Garcia is known for his remarkable track record of success in driving sales and profits at Colgate-Palmolive Co, where the 56-year-old executive had served for 13 years. He took the position as the company's chief operating officer for innovation and growth.
Additionally, Garcia had also worked at Timberland Co, where he managed the company's international operations.
According to Morning News Online, Garcia also worked at Chanel and Procter & Gamble Co before joining Colgate-Palmolive.
Revlon investors, on the other hand, seemed to be hardly enthused by Garcia's appointment, with the stock taking a 13 per cent plunge after the announcement. According to commentators, though, the appointment squashed the rumours that Revlon would be a takeover target.
They further point out that it remained uncertain if the CEO appointment indicated an end for Revlon's "strategic alternatives."