Revlon Seeks New CEO

Revlon, Inc. announced its board of directors has elected David L. Kennedy as vice chairman and interim CEO. He succeeds Alan Ennis, who has decided to leave the company to pursue other interests. Kennedy is currently vice chairman of the company’s board and served as a senior executive of Revlon from 2002 to 2009, including as president and CEO of Revlon from 2006 to 2009. Kennedy's appointment is effective immediately, and Revlon anticipates the appointment of his successor in the near term.

Ronald Perelman, chairman of the board for Revlon, said, "This is an exciting time for Revlon, which has enjoyed impressive growth, profitability and financial results, which have enabled the transformative acquisition of The Colomer Group, including the Revlon Professional business (expected to close later this month), and the prior acquisitions of Pure Ice and SinfulColors. 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. Alan has done a terrific job at Revlon, and we appreciate Alan’s contributions and wish him continued success.”

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."

Kennedy joined Revlon in 2002 as executive vice president and president of Revlon International. In 2006, he was first appointed CFO of Revlon, Inc. and its wholly owned operating subsidiary, Revlon Consumer Products Corporation, and then president and CEO and member of the board. Kennedy resigned as president and CEO in May 2009 and became vice chairman of the board, as well as assuming other senior executive roles with MacAndrews & Forbes Holdings and Scientific Games Corporation. Kennedy's business career, spanning four decades, also includes several senior management and senior financial positions with The Coca-Cola Company and Coca-Cola affiliates, Columbia Pictures, and Ernst & Young.

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