Sales Gains Keep Coming For Estée Lauder Cos.

(Bloomberg) -- Revlon Inc. Chief Executive Officer Fabian Garcia stepped down from the cosmetics maker, bringing fresh upheaval to a company struggling with red ink and heavy debt.

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Garcia, who is leaving to pursue “other opportunities,” will hand the reins to board member Paul Meister, the company said on Monday. Meister will become executive vice chairman and oversee day-to-day operations on an interim basis, with Garcia helping assist with the transition through February.

Revlon is working to stay relevant in an era when specialty beauty stores and e-commerce shops are shaking up the makeup industry. It’s also been digesting the acquisition of Elizabeth Arden, which the company bought for about $419 million in 2016. Those twin challenges have brought “a difficult year for us,” Ron Perelman, Revlon’s chairman and largest investor, said in a statement.

“We are aggressively catching up to that rapid transformation and I want to thank Fabian for his leadership through this challenging and dynamic period,” he said.

The company reported that its fourth-quarter net loss widened to as much as $80 million, from $36.5 million a year earlier. Sales slipped to $785 million during the period, compared with $801 million the prior year.

To contact the reporter on this story: Nick Turner in New York at nturner7@bloomberg.net.

To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Jonathan Roeder

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Source : http://www.msn.com/en-us/news/msn/revlon-ceo-steps-down-as-losses-mount-at-ailing-cosmetics-seller/ar-BBIq32F

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