Revlon Inc. has hired Sergio Pedreiro, a former Coty Inc. executive, as chief operating officer.
In the role, Pedreiro will oversee the company’s turnaround, and focus on improving efficiency and growth. He starts Jan. 8, and will report to Debra Perelman, Revlon’s president and chief executive officer.
Pedreiro has worked in a variety of senior executive roles across several industries, including as chief financial officer at Coty from 2009 to 2014. While he was there, he led and executed a restructuring plan that is said to have improved the company’s cash flow.
Most recently, Pedreiro was ceo of Estre Ambiental SA, a Brazilian waste management company.
A spokesman for Revlon said that the hire does not affect the company’s sales plans. Revlon hired Goldman Sachs in mid-2019 in order to explore a sales process for all or parts of the company. In late 2019, that process is said to have become more focused on “portfolio brands,” meaning smaller lines like Almay, Sinful Colors or American Crew.
The spokesman confirmed Revlon continues to work with Goldman Sachs to explore strategic alternatives, and said “the process is ongoing and progressing well.”
“As we continue to consider all of the options, one path that could drive the greatest value for our stakeholders is pursuing transactions involving the portfolio and regional brands,” the Revlon spokesman said in a statement. “We see these brands as being highly valuable with strong consumer followings in their markets and sector and significant growth potential under new ownership. In 2020, we will continue our focus on our core strategies, including driving new growth behind our iconic Revlon and Elizabeth Arden brands. We would also continue to drive investment into our current strategic growth areas, including China [and] e-commerce.”
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