Revlon is giving itself a makeover, as the cosmetic company announced Friday that its current CEO, Lorenzo Delpani, will be resigning, citing personal reasons for his upcoming departure, the Associated Press reported.
This doesn't come as surprising news to many, as Revlon shareholder and Chairman Ronald Perelman announced in January that he wanted to seek "strategic alternatives."
Sales have declined in three out of the four past quarters, according to Fortune. Not long ago, however, fourth quarter figures showed a rise in sales as the company continued to try and appeal to a wider audience. Revlon's biggest competition comes from Estee Lauder Cos Inc. and L'Oreal SA.
Revlon saw $1.91 billion in sales last year, Barrons reported. These numbers include a 40 percent rise in sales following a 52-week low.
On Thursday, Revlon's shares closed at $31.17. That was a 24 percent rise since January 14.
Delpani will step down on March 1 but will remain on the company's board as an adviser. Revlon has since appointed Gianni Pieraccioni, the company's executive vice president, as the new chief operating officer.
As a part of Perelman's "strategic alternatives," rumors have arisen involving the company possibly striking a deal with other cosmetic companies, selling parts of its assets off to focus on the products that mean most to Revlon.
Nothing has been announced, but Revlon hopes that its efforts will continue to bring results.
