Revlon CEO Lorenzo Delpani to step down next week

NEW YORK, N.Y. – Revlon said Friday that CEO Lorenzo Delpani will step down from the job next week for personal reasons.

The announcement comes several weeks after the makeup company’s biggest shareholder said it wanted to seek “strategic alternatives” for the company.

Revlon said Delpani will remain on the board and will also be a paid adviser. The company did not name a replacement.

A representative for New York-based Revlon Inc. did not respond to a request for comment.

In January, businessman and Revlon Chairman Ronald Perelman said he wanted to explore “strategic alternatives” for the company but said he doesn’t have a plan yet.

Perelman’s investment firm, MacAndrews & Forbes, has a nearly 78 per cent stake in Revlon, according to FactSet.

Revlon also said Friday that its revenue and profit improved during the last three months of 2015, compared with the previous year. However, its revenue for all of 2015 slipped 1.4 per cent from a year earlier.

Besides its Revlon lipsticks, hair colour and other beauty products, the company’s other brands include Mitchum deodorant and Almay makeup.

Revlon Class A shares jumped $3.83, or 12.3 per cent, to close at $35 on Friday. Its shares are up 4.5 per cent over the past year.