Revlon Inc. (NYSE: REV) has recruited a pair of seasoned retail veterans for the top spots, as the global cosmetics maker sorts out its future. In January, billionaire Ron Perelman, who has controlled Revlon since 1985 through holding company MacAndrews & Forbes Inc., announced the maker of Revlon ColorSilk hair color, Almay color cosmetics, beauty tools, and Mitchum deodorant, would explore “strategic alternatives,” sparking speculation that company would soon be up for sale. But the additions of Fabian Garcia as CEO and Juan Figuereo as CFO decrease the likelihood that the global cosmetics purveyor is aiming for a sale to a strategic buyer. A turnaround, or a potential take-private deal by a private equity firm seem more likely now.
Juan Figuereo, who has previously held positions at Wal-Mart International (NYSE: WMT) as vice president of mergers and acquisitions, CFO of Newell Rubbermaid (NYSE: NWL); and most recently as executive vice president of NII Holdings, now holds the CFO position at Revlon effective immediately, the company says in an April 12 statement. In March, Fabian Garcia, former chief operating officer of global innovation and growth for Colgate-Palmolive (NYSE: CL), was named CEO. Garcia’s role with Revlon begins April 15.