People On The Move
Revlon names Fabian Garcia as its CEO
The board of directors at Revlon announced Garcia’s election to the position yesterday, while confirming that the appointment would be effective from April 15.
Concurrently Garcia has also been appointed to serve on Revlon’s board of directors, as well as the Board of Revlon-owned subsidiary, Revlon Consumer Products Corporation.
Extensive experience at Colgate-Palmolive
With previous managerial roles with Timberlake, Procter & Gamble and Chanel, Garcia has spent the past 13 years at Colgate-Palmolive Company, where he has led business divisions worldwide.
That experience has seen him working in Eurasia, Latin America, Europe, Asia-Pacific and most recently in Europe, where he headed up the company’s Hills Pet Nutrition business.
He has also been responsible for Colgate’s growth strategy, consumer and customer innovation, and operational productivity strategies and plans, while also leading innovation strategy, focusing on new business models, core categories, and emerging business opportunities.
Commenting on Garcia’s appointment, Ronald O. Perelman, Chairman of Revlon said, "He has the global strategic, marketing, sales, financial and operational leadership experience to successfully lead Revlon into the future.”
Relief for investors?
Revlon has effectively been leaderless since the start of March, when Lorenzo Delpani stepped down from the same position.
He had been heading up the company since October of 2013 and cited personal reasons for his departure, although he has remained in a paid advisor role within the business.
At the time of Delpani’s resignation from the position, the company announced the appointment of Gianni Pierccioni as the new chief operating officer, but left the appointment of the new CEO open until now.
At the time of the resignation, Cosmetics Design reported that investors had responded favourably, with share prices rallying and Johanna Bennett from Barons writing: “investors are thrilled” with this development and “can expect more upside” from Revlon as a result.
However, following the appointment, share prices in Revlon ended the day down 3.75% at $34.64.
