Revlon’s president and CEO steps down

American cosmetics brand Revlon’s president and chief executive officer Fabian Garcia has stepped down from his roles to pursue other opportunities.

Garcia will assist the newly appointed executive vice-chairman of the board Paul Meister until the end of this month. Meister will remain as a member of Revlon’s Board of Directors and will oversee regular operations on an interim basis.

Revlon’s board of directors chairman Ronald O Perelman said: “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.

Meister previously served as chairman and CEO of inVentiv Health (Syneos Health) and chairman of Thermo Fisher Scientific. He is also president of MacAndrews & Forbes and was a co-founder of Liberty Lane Partners.

Revlon has also announced preliminary unaudited financial results for the fiscal year and Q4 ended 31 December 2017.

The company estimates its annual net sales for 2017 to be approximately $2.7bn, in compared to $2.3bn in 2016.

Revlon’s operations chief operating officer and chief financial officer Chris Peterson said:  “With the momentum that we generated in the fourth quarter of 2017, we are confident that the combination of our $260m of 2017 Adjusted EBITDA, the synergies and cost reductions remaining to be captured through the Elizabeth Arden Integration, and our ongoing business initiatives provide Revlon with a stable foundation for its future success.”