Cosmetics maker Revlon's sales recover; CEO to step down
By Yashaswini Swamynathan
(Reuters) - Cosmetics maker Revlon Inc (REV.N: Quote) Chief Executive Lorenzo Delpani is stepping down for personal reasons, more than a month after its controlling shareholder and Chairman Ron Perelman announced plans to seek strategic options for the company.
The maker of StreetWear cosmetics and Charlie perfumes also reported a sales rise after three quarters of decline, sending its shares up as much as 8 percent in late morning trading on Friday.
Delpani, who has led the company for more than two years, said on a conference call that his decision had "nothing to do" with Perelman's announcement.
Perelman, who holds a 77.6 percent stake in Revlon, is yet to detail specific plans for the company.
Revlon, once a top name in the world of beauty products and endorsed by supermodel Cindy Crawford for more than a decade, has struggled in the past couple of years as consumers shun mass-appeal brands in search of exclusive products.
Deep-pocketed rivals such as Estee Lauder Cos Inc EL.N and L'Oreal SA (OREP.PA: Quote) have been able to better keep up with changing consumer tastes, eating into Revlon's market share.
Delpani will step down as CEO on March 1, but remain on the company's board and he will also serve as an adviser, Revlon said.
The company appointed Executive Vice President Gianni Pieraccioni its new chief operating officer. Continued...