Revlon Inc’s (NYSE:REV) chief executive officer Fabian Garcia has stepped down from the role after a difficult two years at the cosmetics giant.
Fellow board member Paul Meister will take over as executive vice chairman while Debra Perelman, the daughter of chairman Ron Perelman, has been appointed as the chief operating officer.
“This has been a difficult year for us balancing the successful integration of Elizabeth Arden with the rise of e-commerce and speciality beauty stores. We are aggressively catching up to that rapid transformation and I want to thank Fabian for his leadership through this challenging and dynamic period,” said Ronald Perelman.
The company posted a fourth-quarter net loss of US$80mln, which was worse than a loss of US$36.5mln a year earlier.
Sales declined to US$785mln from US$801mln the year before but were, at least, better than the US$743mln expected by Wall Street.
“Although we still have continuing improvements to make, we’re encouraged by our fourth quarter results, which represent a sequential improvement from the first nine months of the year,” declared Chris Peterson, Revlon’s chief financial officer.
“Our liquidity position has strengthened, and Revlon colour cosmetics returned to growth in North America. The sector is experiencing a profound shift, but we’re gaining momentum on our strategy to respond to the accelerating pace of innovation and increasing migration to digitally-focused consumer engagement. We’re also pleased with our continued growth in e-commerce and look forward to expanding our share of this important category,” Peterson added.
He also poured cold water on speculation that the heavily indebted company is planning “a material asset transfer”.