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 revealed last month he would be stepping down for personal reasons.
The company has struggled over the last year, its share price declining by over a quarter during that time. It shares plunged by more 10 per cent in early morning trading today on the back of the announcement.
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.
Garcia has spent 13 years at Colgate-Palmolive Company 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.”
