Revlon CEO Alan Ennis has resigned suddenly and has been replaced by David Kennedy as the vice chairman and interim CEO, the company’s board of executives has revealed.
In an official statement Revlon said that Ennis had left ‘to pursue other interests’, but the departure also comes as the company has continued to mixed financial results, characterized by rising profits and slowing sales growth, exacerbated by unfavorable currency translations.
Kennedy currently serves as vice chairman of the company’s board of directors, and previously served as a Revlon senior executive from 2002 to 2009, which included a stint as president and CEO of Revlon from 2006 to 2009.
Kennedy has been with Revlon since 2002
Kennedy left the board of directors in 2009 to take up the position of vice chairman, as well as taking on senior executive appointments at MacAndrews & Forbes Holdings and Scientific Games Corporation.
The board of directors stated that the appointment is effective immediately, until a permanent replacement can be recruited and appointed.
Revlon has made a number of acquisitions over the past year, including The Colomor hair dye business, announced in August, together with the acquisition of the Pure Ice and SinfulColors makeup brand last year.
Company looks to integrate and grow newly acquired businesses
“We believe David is the perfect choice to guide the Company in the interim period through its integration of The Colomer Group, including the Revlon Professional business, and the significant growth and profit opportunities presented by this acquisition,” said Ronald Perlman, Revlon chairman.
For the most recent second quarter financial results, posted in July, net sales were down from $357.1m to $350.1m, a decrease of 2 percent, while this figure was impacted negatively by currency translations to the sum of $6.4m, which meant the results were essentially level compared to the same period last year.
The company said that the sales were negatively impacted by a slower performance in the Venezuela market, while lower net sales of Almay color cosmetics were also reported, a result that was counterbalanced by a stronger performance by SinfulColors color cosmetics and the inclusion of Pure Ice.