Revlon Inc.’s chief financial officer has resigned.
This story first appeared in the June 20, 2013 issue of WWD. Subscribe Today.
Steven Berns, who had served as executive vice president and cfo of Revlon since 2009, has resigned, effective immediately, to accept the position of executive vice president and cfo of the Tribune Company. Jessica Graziano, Revlon’s senior vice president, corporate controller and chief accounting officer, will serve as the interim principal financial officer until a successor is named.
Revlon said that Berns’ departure is not related to “any issue or concern with the company’s accounting, financial reporting or internal control over financial reporting.”
On June 13, the Securities and Exchange Commission charged Revlon with misleading shareholders during a “going-private transaction.”
Revlon agreed to settle the SEC’s charges and pay a penalty of $850,000 without admitting or denying the findings, according to the agency.
The SEC said that in 2009, during a voluntary exchange offer intended to pay down debt to controlling shareholder MacAndrews & Forbes, Revlon engaged in “ring fencing” that deprived its independent board members from knowing critical information.