NEW YORK — Revlon Inc. will do some rearranging at the top this spring. The beauty firm's chief financial officer and executive vice president, Thomas McGuire, and David Kennedy, the company's president of international and executive vice president, will swap posts. The change will become effective in March after the company files its 10-K report for 2005.
"This is a very positive step for Revlon," Revlon president and chief executive officer Jack Stahl said in a statement. "Tom McGuire and David Kennedy both came to Revlon with terrific credentials and have contributed enormously to the company's progress over the past three years."
Bill Chappell, an analyst with SunTrust Robinson Humphrey Capital Markets, said the announcement does not mark a new strategy for Revlon. "It's more of an indication that these two executives wanted to try something different, and not an indication of underperformance in the finance or international areas." Chappell said the two executives have made strides in their current roles. He pointed to Revlon's recent spate of refinancing activities and continued international growth. Revlon narrowed its loss in its most recent quarter ended Sept. 30, reporting a net deficit of $65.4 million, compared with a net loss of $91.6 million in the third quarter of 2004. On the international front, sales for the quarter increased 14 percent to $117 million, versus $102 million in the year-ago period.
Shortly after joining Revlon from The Coca-Cola Co. in 2002, Stahl recruited his former colleagues, McGuire and Kennedy, from the beverage company. Both executives, according to Revlon, have leadership experience in the finance and international fields.
McGuire, who joined Revlon in 2003, has spent seven years overseas in various financial and operational roles. During his 18 years at Coca-Cola, McGuire has held executive posts in Germany and Latin America.
Prior to joining Revlon in 2002, Kennedy was managing director of Coca-Cola Amatil Ltd., a publically held firm based in Sydney, Australia. During his 21-year tenure at Coca-Cola, Kennedy also has held various finance positions, such as general manager of the Coca-Cola fountain division and corporate controller and senior vice president of finance for Columbia Pictures Industries Inc., which, at the time, was a subsidiary of Coca-Cola. Kennedy, a certified public accountant, began his career at Ernst & Young as an audit manager.To assist in the transition, both McGuire and Kennedy will work together during the first quarter of 2006.
Stahl stated, "By rotating their roles and responsibilities, Revlon will gain from an exchange of ideas, experiences and skills by two of our most successful executives and a continued close working relationship between them."
The market seemed relatively unfazed by Revlon's announcement Wednesday morning. Shares of Revlon closed at $3 Wednesday.
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