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UPDATE 1-Revlon's CEO Fabian Garcia steps down
Jan 29 (Reuters) - Revlon Inc said on Monday Chief
Executive Fabian Garcia was stepping down, two years after
taking the helm of the cosmetics company.
Shares of the company rose 2.7 percent at $22.60 after the
bell on Monday.
Revlon's CEO is stepping down
Makeup giant Revlon is losing its CEO. Fabian Garcia will stay on through February to help a board member who will take on executive duties in the interim
Revlon's CEO Fabian Garcia steps down
Revlon Inc Chief Executive Fabian Garcia stepped down on Monday, two years after joining the cosmetic company. Board member Paul Meister will assume the role of executive vice chairman, overseeing day-to-day operations of the company on an interim basis, the company said.
Revlon CEO leaving, revenue projected to be higher than expectations
Revlon Inc. said Monday afternoon that Chief Executive and President Fabian Garcia had stepped down "to pursue other opportunities," and gave an early look at fourth-quarter earnings numbers that show revenue higher than expectations. Revlon said Paul Meister, a member of the board, would oversee day-to-day operations until a replacement could be found, and that Garcia would stay on until the end of February to assist with the transition. "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," board chairman Ronald Perelman said in Monday's announcement. "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 also said that it now expects fourth-quarter revenue of $785 million, higher than analysts' average expectations of $743 million. Revlon expects a net loss of $60 million to $80 million for the quarter, due to a charge related to the recent tax cuts. The cosmetics company said it expects adjusted EBITDA to be $110 million to $115 million; analysts on average expected that profit figure to be $115 million, according to FactSet. "We're encouraged by our fourth quarter results, which represent a sequential improvement from the first nine months of the year," said Chief Financial Officer Chris Peterson said. Peterson also denied rumors that the company was considering a material-asset transfer that would shield the assets from lenders. Revlon shares gained about 2% in after-hours trading following the announcement; the company plans to divulge full quarterly-earnings information March 2.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Revlon Says President And CEO Fabian Garcia Has Stepped Down From His Position To Pursue Other Opportunities
Revlon Inc(REV): * REVLON ANNOUNCES MANAGEMENT CHANGE AND PRELIMINARY 2017 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS. * SEES FY 2017 SALES ABOUT $2.7 BILLION. * FABIAN GARCIA, PRESIDENT AND CHIEF EXECUTIVE OFFICER OF REVLON, HAS STEPPED DOWN FROM HIS POSITION TO PURSUE OTHER OPPORTUNITIES. * ESTIMATES THAT NET SALES WERE ABOUT $785 MILLION FOR THREE-MONTH PERIOD ENDED DECEMBER 31, 2017.
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