(Reuters) – Cosmetics company Revlon Inc <REV.N> on Wednesday appointed Debra Perelman as its chief executive officer effective immediately, taking over the post from Fabian Garcia who stepped down in January.
Perelman, who is currently chief operating officer, is the daughter of Revlon board chairman Ronald Perelman and has spent more than 20 years at the company.
Perelman will be Revlon’s first female CEO and was most recently the executive vice president MacAndrews & Forbes, the holding company through which billionaire Ronald Perelman owns an 85 percent stake in Revlon.
Board member Paul Meister, who was overseeing day-to-day operations of Revlon on an interim basis, will retain his position as the vice chairman of the board, Revlon said.
Garcia had stepped down from the top job after two years at the helm. He was hired to turn around Revlon, which is struggling to keep pace with changing consumer preferences.
(Reporting by Tamara Mathias and Aishwarya Venugopal in Bengaluru; Editing by Shailesh Kuber)