Revlon confirmed on Friday that CEO Lorenzo Delpani will step down from the job next week for personal reasons. The announcement comes several weeks after the storied American makeup company's largest shareholder, billionaire businessman Ronald O. Perelman, said he wanted to seek "strategic alternatives" for the company. Perelman, who bought Revlon in 1985 in a hostile takeover for about $1.8 billion, made an unsuccessful attempt to take the company private in 2009. His investment company MacAndrews & Forbes, which holds a 77.6 percent stake in Revlon, said on Friday it did not have any specific or definitive plan or proposal.
Revlon, which was founded in the early 1930’s, said Delpani will remain on the board and will also be a paid adviser. The company has not yet named a replacement and a representative for New York-based Revlon Inc. did not respond to a request for comment. Revlon did, however, reveal on 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 percent from a year earlier.
Revlon's sales have declined in the past three quarters and, in 2013, the company said it would exit China, a lucrative market for U.S. beauty companies. In September, Revlon launched a restructuring plan to cut costs across its consumer and professional businesses.