Revlon ceo Fabian Garcia at the company's headquarters.

After less than two years on the job, Revlon president and chief executive officer Fabian Garcia is stepping down from the post.

Garcia has served as Revlon president and ceo since April 2016, and oversaw the company’s reorganization after Revlon acquired Elizabeth Arden later that year. In an official statement, Revlon said Garcia has stepped down to “pursue other opportunities.”

Debbie Perelman, a board member and executive vice president, strategic and new business development at MacAndrews & Forbes, will become chief operating officer, according to sources with direct knowledge of the situation. Perelman started in Revlon’s finance and marketing departments nearly 20 years ago, and lately has been focused on the company’s digital operations.

Paul Meister, a member of Revlon’s board of directors and president of Revlon’s majority owner MacAndrews & Forbes, will become executive vice chairman of the board and oversee day-to-day operations on an interim basis.

“It has been a privilege to serve as ceo of this iconic company,” Garcia said. “I want to thank each and every one of the women and men of Revlon whose relentless commitment and passion for the beauty business have made this company the global cosmetics leader it remains today. I also want to thank MacAndrews & Forbes for their support as we started to transform the company after the Elizabeth Arden acquisition all the way through the most recent launch of the new and exciting ‘Live Boldly’ Revlon campaign. I’m confident that Revlon will continue to succeed as the company executes its long-term growth plan, which is already having an impact on reestablishing its status as a trendsetter and pioneer in the industry.”

“This has been a difficult year for us balancing the successful integration of Elizabeth Arden with the rise of e-commerce and specialty beauty stores,” said Revlon chairman Ronald Perelman. “We are aggressively catching up to that rapid transformation and I want to thank Fabian for his leadership through this challenging and dynamic period. I look forward to continuing to realize the benefits of the Elizabeth Arden acquisition and evolving to grow in this exciting new way of business. The company has gained momentum and is now poised for future growth.”

“I’m thrilled to help lead Revlon during this transition period and I’ve been encouraged by the progress Revlon has made with respect to our extensive transformation initiatives,” Meister said. “While we still have significant work to do, we’re putting our iconic brands at the center of our strategy to better position us in this rapidly evolving marketplace. I look forward to enhancing our operating structure, driving innovation, and strengthening the future leadership team.”

Garcia’s departure comes as Revlon preliminarily released financial results — losses — for its fiscal year and fourth quarter ended Dec. 31. 

Net sales for the full year were estimated at $2.7 billion, versus $2.3 billion in the prior-year period. The business estimated its net loss for 2017 at between $165 million and $185 million. 

For the fourth quarter, Revlon sales were about $785 million, down from $801 million in the prior-year period. Revlon said it had between a $60 million and $80 million net loss for the quarter. 

“Although we still have continuing improvements to make, we’re encouraged by our fourth-quarter results, which represent a sequential improvement from the first nine months of the year,” said Revlon chief operating officer and chief financial officer Chris Peterson. “Our liquidity position has strengthened, and Revlon color cosmetics returned to growth in North America. The sector is experiencing a profound shift, but we’re gaining momentum on our strategy to respond to the accelerating pace of innovation and increasing migration to digitally focused consumer engagement. We’re also pleased with our continued growth in e-commerce and look forward to expanding our share of this important category.”

Peterson also addressed rumors that Perelman’s recent share purchases are an indication he may try to take over the business again, saying that “contrary to false rumors and pure speculation in the public reports, a material asset transfer is not being considered.” 

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