Beauty products group Revlon is getting a makeover after announcing it has hired former Colgate-Palmolive executive Fabian T. Garcia as its new president and chief executive.
Revlon has been on the hunt for a new boss after Lorenzo Delpani stepped down at the beginning of March, citing personal reasons.
The company, which sells hair care treatments as well as cosmetics and fragrances, has struggled over the last year, its share price declining by around 20 per cent during that time. Its share price plunged a further 10 per cent in early morning trading today, as news of a new chief executive failed to cheer investors.
In January, US billionaire businessman and Revlon’s controlling shareholder Ron Perelman said he would seek "strategic alternatives" for the company, which he also chairs. Shares jumped on the day of his statement, which fuelled speculation that the company could be acquired.
Garcia, who will take over the reins on 15 April, has spent 13 years at Colgate-Palmolive in a number of roles including leading the company’s businesses in Asia-Pacific, Eurasia, Latin America, and most recently, Europe.
Before joining the consumer goods giant, Garcia held senior roles at Timberland and luxury group Chanel. He started his career at Procter & Gamble, working his way up to president of cosmetics brand Max Factor in Japan and Asia Pacific.
Revlon said Garcia has also been appointed to serve as a member of Revlon’s Board of Directors, as well as the Board of Revlon’s wholly owned operating subsidiary, Revlon Consumer
Perelman said: "Fabian has demonstrated a long track-record of success at Colgate in terms of driving growth and profitability, and in successfully leading and expanding global organisations. He has the global strategic, marketing, sales, financial and operational leadership experience to successfully lead Revlon into the future.”