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Revlon’s Revolving Door

Another CEO calls it quits.

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By: Tom Branna

Revlon’s Revolving Door

Another year, another chief executive for Revlon. The company said CEO Lorenzo Delpani is stepping down from the job next week for personal reasons. The announcement comes several weeks after the makeup company's biggest shareholder said it wanted to seek “strategic alternatives” for the company.

Revlon says Delpani will remain on the board and will also be a paid adviser. The company did not name a replacement. Delpani was named CEO in October, 2013, which is about the average tenure for a CEO under Revlon Chairman Ronald Perelman. During his stint, Delpani made news for a very public fight with his former R&D Chief Scientific Officer Alan Meyers. Back in November, 2015, Revlon reached a settlement with Meyers, who had claimed Delpani made derogatory statements about Jews, Americans and African-Americans. Terms of that settlement were not disclosed.
 

A representative for New York-based Revlon Inc. did not immediately respond to a request for comment. In another personnel move, Executive Vice President and Global President, Revlon Consumer Division, Gianni Pieraccioni was named as the company’s new chief operating officer.
 

In January, Perelman said he wanted to explore “strategic alternatives” for the company but said he doesn't have a plan yet. Perelman's investment firm, MacAndrews & Forbes, has a nearly 78% stake in Revlon, according to FactSet.


Revlon's 2015 sales fell 1.4% to $1.4 billion, but the company blamed the decline on exchange rates. The good news is that Q4 sales rose 4.2% to nearly $522 million.

 

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