- Signs for push-out forces
- After about a year on the job
- Laud and thanks for Figuereo
- Chris Peterson taking over
(exechange) — New York, June 06, 2017 — Juan Figuereo, finance chief of Revlon, leaves. It is an abrupt change. As announced by Revlon, Inc. in a news release and in a regulatory filing published on Tuesday, June 06, 2017, Juan Figuereo leaves the post as Chief Financial Officer at the cosmetics, skin care, fragrance, and personal care company in a surprising move after about a year on the job, effective immediately.
No company wants a CFO to flame out in the first years.
Figuereo’s move comes 14 months after Fabian T. Garcia took over as CEO of Revlon, Inc.
Figuereo’s duties are taken over by Chris Peterson, currently Chief Operating Officer, Operations at Revlon, Inc.
“With the acquisition complete and the integration now underway”
The sudden management change is explained as follows. Revlon said: “Mr. Figuereo joined Revlon in April 2016 and played a key role in the acquisition of Elizabeth Arden. With the acquisition complete and the integration now underway, Chris Peterson, Chief Operating Officer, Operations, who currently oversees the Company’s finance function, as well as supply chain and IT, will assume direct responsibility for the CFO role, effective immediately.”
Precise information about the future plans of Figuereo was not immediately available.
Revlon said: “Juan Figuereo is retiring as Chief Financial Officer of Revlon, Inc. (“Revlon”) and its wholly-owned operating subsidiary, Revlon Consumer Products Corporation (“RCPC” and together with Revlon, the “Company”), effective as of June 6, 2017.”
Share price decline
The change follows a decline in the share price of Revlon, Inc. since March 2017.
Mittleman Brothers holds 4.35 percent stake
Mittleman Brothers LLC reported a 4.35 percent stake in Revlon, Inc. as of March 30, 2017.
Chaired by Ronald O. Perelman
Revlon, Inc. is chaired by Ronald O. Perelman.
Ronald O. Perelman has been Chairman of the Board of Directors of the Company and of Revlon Consumer Products Corporation, the Company’s wholly-owned operating subsidiary (Products Corporation), since June 1998 and a Director of the Company and of Products Corporation since their respective formations in 1992.
CEO: Fabian T. Garcia
Fabian T. Garcia serves as CEO of Revlon, Inc. Fabian Garcia has served as the Company’s and Products Corporation’s President and Chief Executive Officer since April 2016 and has also served as a director of each such corporation during such period.
On the job as CFO since 2016
Juan R. Figuereo has been the Chief Financial Officer and Executive Vice President of Revlon, Inc. and Revlon Consumer Products Corp. since April 12, 2016.
Figuereo joined Revlon in April 2016 and played a key role in the acquisition of Elizabeth Arden.
Figuereo most recently served as Executive Vice President and Chief Financial Officer of NII Holdings, Inc., from October 2012 to October 2015.
Figuereo also served as Executive Vice President and Chief Financial Officer of Newell Rubbermaid Inc. from 2009 to 2012 and as Executive Vice President and Chief Financial Officer of Cott Corporation from 2007 to 2009.
Prior to that, Figuereo served as Vice President, Mergers and Acquisitions for Wal-Mart International from 2003 to 2007 and in various international, finance and general management positions at PepsiCo from 1988 to 2003.
Figuereo has served since June 2011 as a director and as a member of the Audit & Risk Management Committee of PVH Corp., a NYSE-listed company, becoming Chairman of such committee in 2015.
At the time of Figuereo’s appointment as Chief Financial Officer at Revlon, Fabian Garcia, then Revlon’s incoming President and Chief Executive Officer, said: “Juan is a highly capable and experienced senior executive, with decades of experience with global consumer goods companies and retailers which will be highly valuable as part of our leadership team. I am most confident that Juan is very well-equipped to assume leadership over our finance organization and partner with our team to drive to even stronger results going forward.”
Signs for push-out forces
It is not completely certain what forces eventually triggered Juan Figuereo’s sudden move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 24.2017 ($).