Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Revlon Inc. named Fabian Garcia as its next chief executive officer, turning to a Colgate-Palmolive Co. veteran to revamp the cosmetics company.
Garcia will take the reins on April 15, the New York-based company said in a statement Monday. The 56-year-old also will serve on Revlon’s board. The company’s last CEO, Lorenzo Delpani, stepped down on March 1.
Garcia joins Revlon at an unsettled moment for the maker of makeup, hair-care products and fragrances. MacAndrews & Forbes, the investment firm that owns 78 percent of Revlon, said in January that it was considering “strategic alternatives” for the business.
Billionaire Ron Perelman, who runs MacAndrews & Forbes, said on Monday that Garcia had shown a track record of success driving sales and profits at Colgate. “He has the global strategic, marketing, sales, financial and operational leadership experience to successfully lead Revlon into the future,” he said in the statement.
Perelman gained control of New York-based Revlon in 1985 using cash raised with the help of former junk-bond chief Michael Milken. He sought to take the cosmetics maker private in 2009, prompting a lawsuit from other investors that he agreed to settle.
By Nick Turner; editors: Nick Turner and Kevin Orland.
