Revlon Inc (NYSE:REV) announced the appointment of David L. Kennedy interim chief executive officer to replace its departing CEO, Allan Ennis, who decided to leave the beauty products company to pursue other interests.
Kennedy is currently serving as vice chairman of the board of Revlon Inc (NYSE:REV). He served as president and CEO of Revlon Inc (NYSE:REV) from 2006 to 2009, and he also became chief financial officer of the company and its wholly-owned subsidiary, Revlon Consumer Products Corporation.
According to the beauty products company, the appointment of Kennedy is effective immediately. Revlon Inc (NYSE:REV) anticipated that it would be able to find a permanent executive to lead the company in the near future.
In a statement, Ronald Perelman, chairman of the board of Revlon Inc (NYSE:REV) said, “This is an exciting time for Revlon, which has enjoyed impressive growth, profitability and financial results which have enabled the transformative acquisition…We believe David is the perfect choice to guide the company in the interim period.”
Kennedy has the ability to lead Revlon: Perelman
Perelman is confident that Kennedy has the ability to lead Revlon Inc (NYSE:REV), particularly the integration of The Colomer Group, which was recently acquired by the company, Revlon Professional business, and its previous acquisition, Pure Ice and Sinful Colors.
In addition, Perelman praised Ennis for his contribution in the growth of Revlon Inc (NYSE:REV) during his tenure. He said, “Alan has done a terrific job at Revlon and we appreciate Alan’s contributions and wish him continued success.”
On the other hand, Ennis said, “I’ve greatly enjoyed my tenure at Revlon, and I am proud of the results we have delivered. I believe we’ve laid a strong foundation for continued profitable growth and the ability to reap the full benefits of the impending acquisition of The Colomer Group, including the Revlon Professional business. However, I have come to the decision that it is best for me at this time to pursue other interests.”
Revlon acquired The Colomer Group
Revlon Inc (NYSE:REV) acquired The Colomer Group for $660 million cash in August to expand its brand portfolio, channel distribution, and global reach.
Last month, the board of directors of the company approved a regular dividend for its series A preferred stock. According to the company, each share of series A preferred stock is entitled to receive cumulative preferential dividends at an annual rate of 12.75 percent of the $5.21 per share liquidation preference.