Revlon CEO Ennis resigns from post

[October 03, 2013]  NEW YORK (AP) -- Makeup company Revlon Inc. said Wednesday that CEO Alan Ennis is leaving to pursue other interests.

The company named former CEO David Kennedy to the post on an interim basis. Ennis had served as CEO since May 2009.

The company, controlled by billionaire businessman Ronald Perelman, has been dealing with declining revenue.

In its most recent quarter, reported in July, net income more than doubled, bolstered by a large insurance gain related to a fire that destroyed a Venezuelan plant. But revenue slipped 2 percent to $350.1 million from $357.1 million, stung by unfavorable foreign currency translation.

It has also been dealing with regulatory issues. In June, Revlon agreed to pay an $850,000 fine to settle federal charges that it withheld key information from shareholders about a "going-private" transaction.

Kennedy, 66, had served as CEO from 2006 to 2009 and is currently Revlon Inc.'s vice chairman. He started at Revlon in 2002 as executive vice president and president of Revlon International.

His appointment as interim CEO is effective immediately.

New York-based Revlon said Wednesday that it expects to name a permanent successor soon.

Its shares slipped a penny to $27.99 in morning trading. The stock has traded between $13.91 and $28.42 in the past 52 weeks.

[Associated Press]

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.