US multinational cosmetic company Revlon has announced that its President and CEO, Fabian Garcia, has stepped down, stating that he hopes “to pursue other opportunities”.
“It has been a privilege to serve as CEO of this iconic company,” said Fabian Garcia. “I want to thank each and every one of the women and men of Revlon whose relentless commitment and passion for the beauty business have made this company the global cosmetics leader it remains today.”
The announcement comes less than a year after the firm’s $870mn acquisition of Elizabeth Arden, a fellow cosmetics firm, under Garcia’s tenure.
“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,” said Ronald O. Perelman, Chairman of the Revlon Board of Directors. “We are aggressively catching up to that rapid transformation and I want to thank Fabian for his leadership through this challenging and dynamic period.”
As Vice Chairman of the Board, Paul Meister will now oversee the firm’s operations on an interim basis whilst Revlon searches for a replacement CEO.
In addition to having sat on Revlon’s Board of Directors since 2016, Meister currently stands as President and CEO of MacAndrews & Forbes - a company that owns an 85% stake in Revlon.