The CEO of Revlon Steps Down. Who Will Be Next?
Fabian Garcia will exit Revlon in February. Will they find a worthy replacement?
American cosmetics giant, Revlon Inc. announced on Monday that Fabian Garcia, their chief executive, stepped down from the position that he held for the last two years. Member of the board, Paul Meister, will assume the role of executive vice chairman, and oversee the day-to-day activities of the company, as a temporary substitute.
Revlon CEO Fabian Garcia, actress and Revlon brand ambassador Halle Berry, and Chief Executive Officer and Director of Scientific Affairs Cancer Research Institute Dr. Jill O'Donnell-Tormey attend a Revlon event.
In April 2016, Garcia was roped in by Revlon, who was then with Colgate-Palmolive, to lead the company to newer heights, which was then struggling to keep up with the changing consumer preferences. Subsequently, after his arrival, Revlon acquired renowned makeup brand Elizabeth Arden Inc. for $870 million, which cemented their foray into fragrance and skincare businesses.
Under Garcia’s leadership, Revlon revised their list of operations and came up with a brand new business structure and strategy, that ultimately led to the global growth of the brand.
Revlon CEO Fabian Garcia at the 'Baby It's Cold Outside' 2016 Revlon Holiday Concert For The Rainforest Fund Gala at JW Marriott Essex House on December 14, 2016 in New York City.
Garcia will stay until the end of February, to make the transition a smooth one, after which he will exit the role to pursue other opportunities. Let’s hope that newer horizons await the man who transformed Revlon and made it one of our favourite go-to makeup brands.
All images are taken from Getty Images.