Following the resignation of Revlon Inc.'s former president and CEO Lorenzo Delpani earlier this month, the company finally named Fabian Garcia as its next successor. Garcia's appointment came amid the cosmetic firm's move to explore more strategic alternatives.
In February, Delpani announced that he would be leaving his post as Revlon's president and CEO. According to Wall Street Journal, Delpani's departure was due to personal reasons and his resignation took its effect on Mar. 1.
After Delpani's departure, however, Revlon did not immediately make a move connected with CEO changes such as naming a successor, interim CEO or an executive search committee. But in a statement on Monday, the company finally announced that it has appointed Fabian Garcia as president and CEO, as well as been added to the company's board.
"[Garcia] has the global strategic, marketing, sales, financial and operational leadership experience to successfully lead Revlon into the future," controlling shareholder and chairman Ronald O. Perelman said in Revlon's statement on Monday.
Garcia is known for his remarkable and track record of success in driving sales and profits at Colgate-Palmolive Co. The 56-year-old executive has served the company for 13 years and took the position as the company's chief operating officer for innovation and growth.
In addition, Garcia had also worked at Timberland Co., where he managed the company's international operations. Morning News Online also reveals that Garcia also worked at Chanel and Procter & Gamble Co. before joining Colgate-Palmolive.
Meanwhile, Garcia joined Revlon Inc. during a troubled time for the firm. As a matter of fact, top Revlon backer MacAndrews & Forbes announced in January that it was contemplating some "strategic alternatives" for the business following a 19 percent decline in stocks in 2015, Bloomberg reports.
Revlon investors, on the other hand, stoically reacted to Garcia's appointment. While the stock took a 13 percent plunge after the announcement, the appointment squashed the rumors that Revlon will be a takeover target.
Speaking of Garcia's appointment, he will be taking over the CEO position starting on Apr. 15 and will also begin his duties on the company's board while his initial contract is reportedly for five years. But it also remains uncertain if the CEO appointment indicated an end for Revlon's "strategic alternatives."
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