Revlon Names New CEO After Saying It Was Exploring Options--Update

By Austen Hufford 

Revlon Inc. said it had appointed Fabian Garcia as chief executive, months after the cosmetics company said it was exploring strategic alternatives.

Mr. Garcia was previously chief operating officer for global innovation and growth at Colgate-Palmolive Co.

Shares of Revlon fell 9.5% to $32.58.

In January, controlling shareholder and Chairman Ronald O. Perelman disclosed he was exploring strategic alternatives for the company. In February, then-Chief Executive Lorenzo Delpani said he would step down as president and CEO as of March 1 for personal reasons. At the time, the company didn't immediately name a successor, interim CEO or an executive search committee, all typical moves associated with CEO changes.

Revlon didn't say Monday whether the new CEO signaled an end to the strategic alternatives process. The company couldn't immediately be reached for comment.

Mr. Garcia also was appointed president of Revlon and added to the company's board. His initial contract is for five years, and he will start April 15.

Mr. Perelman holds about three-quarters of the company through his investment firm MacAndrews & Forbes Inc. He won the company in a 1985 takeover battle. The New York City-based company is best known for its namesake cosmetics line.

Write to Austen Hufford at [e-mail]

(END) Dow Jones Newswires

March 28, 2016 10:49 ET (14:49 GMT)

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