Revlon says CEO Fabian Garcia will step down

Revlon President and CEO Fabian Garcia will step down after less than two years in the position, the company said Monday.

Board member Paul Meister was named executive vice chairman and put in charge of the company day-to-day operations on an interim basis. Garcia, who is stepping down to “pursue other opportunities,” will stay on until the end of February to assist in a smooth transition.

Garcia left a position at Colgate-Palmolive to take the helm at Revlon in April 2016. He oversaw an aggressive turnaround effort that sought to reorganize the cosmetics company into four distinct divisions. His goal was to move reach $5 billion in revenue within five years, WWD reported.

But Revlon’s January acquisition of Elizabeth Arden, amid a difficult year for retail proved challenging.

“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. We are aggressively catching up to that rapid transformation and I want to thank Fabian for his leadership through this challenging and dynamic period,” Revlon Chairman Ronald O. Perelman said in a statement.

Alongside the announcement about Garcia, Revlon also reported preliminary fourth-quarter earnings and revenue. The company anticipates $785 million in net sales, beating analyst projections of $742 million.

Shares of Revlon gained 2.7 percent on the news.

This story is developing. Please check back for updates.

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