The move could indicate that a sale of the company is not coming any time soon, financial sources said. “I’m not sure if [Revlon chairman Ronald Perelman] wants to build things up or pack it up and unload it, but he’s got the guys who could do either,” said industry consultant Allan Mottus. In January, Perelman’s MacAndrews & Forbes Inc., which owns almost 78 percent of Revlon, said in a filing with the U.S. Securities and Exchange Commission that it would consider strategic alternatives for the business.
Figuereo’s hire also provides further indication that Revlon plans to grow its international business, sources said. Revlon chairman Ronald Perelman confirmed the possibility of global growth when ceo Fabian Garcia was appointed in late March. “Fabian’s deep experience and expertise in global consumer product sales will not only help enhance the growth in sales that Revlon has seen over the past year but also drive expansion into new markets across the globe,” Perelman told WWD.
For 2015, 45 percent of Revlon’s net sales came from international markets, accounting for $870.6 million of the 1.91 billion Revlon had in net sales.
“They’re pretty penetrated in North America,” Mottus said. “Revlon’s never been a strong international brand.”
Figuereo previously worked as executive vice president and cfo of NII Holdings Inc., which provides telecommunications services in Brazil, until October 2015. Before that, he was executive vice president and cfo of Newell Rubbermaid Inc. from 2009 to 2012, and held the same positions at Cott Corp. from 2007 to 2009. He’s also worked at Wal-Mart International as vice president of mergers and acquisitions and in various international, finance and general management positions at Pepsi Co. between 1988 and 2003.
Garcia, who was appointed in late March, starts April 15. He succeeds former ceo Lorenzo Delpani, who resigned for “personal reasons” effective March 1.