Revlon CEO Fabian Garcia steps down
Revlon says the beauty company is still on the right track despite losing another CEO in less than two years.
The company announced that Fabian Garcia, President and Chief Executive Officer of Revlon, has stepped down from his position to pursue other opportunities. Paul Meister, currently a member of Revlon’s Board of Directors, will become Executive Vice Chairman of the Board, overseeing day-to-day operations of the company on an interim basis. Garcia will stay on through the end of February to assist Meister with an orderly transition of his duties.
“This has been a difficult year for us balancing the successful integration of Elizabeth Arden with the rise of e-commerce and specialty 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 O. Perelman, Chairman of the Revlon Board of Directors. “I look forward to continuing to realize the benefits of the Elizabeth Arden acquisition and evolving to grow in this exciting new way of business. The company has gained momentum and is now poised for future growth.”
Paul Meister has served on the Board of Directors at Revlon since 2016. He is currently President of MacAndrews & Forbes and was co-founder of Liberty Lane Partners, LLC, a private investment company with investments in healthcare, technology, and distribution-related industries. He previously served as Chairman and CEO of inVentiv Health (now Syneos Health, Inc.) and Chairman of Thermo Fisher Scientific Inc.
Revlon’s preliminary report on its performance in the quarter that ended Dec. 31 shows steep losses for that three-month period. It estimated that its quarterly loss would fall between roughly $60 million and $80 million, as compared to a $36.5 million loss during that same period the previous year.
The company acquired Elizabeth Arden for $419.3 million in 2016.