Revlon announced the move Friday in reporting fiscal 2015 results. Plans call for Delpani to leave the post on March 1 and remain with the beauty care company as a paid adviser and continue to serve on the board of directors.
“It has been a pleasure and privilege to lead this extraordinary company during a period of transformation and growth. It has been my mission to continue Revlon’s industry leading commitment to quality and innovation, and it is the Revlon team’s relentless drive towards those goals that has paved the way for our current and future success,” Delpani said in a statement. “I want to thank all my good friends and colleagues at Revlon and MacAndrews & Forbes for their hard work and support, and I look forward to continuing our partnership to grow the company.”
No successor to Delpani was named. Revlon also didn’t announce plans to appoint an interim CEO or begin a search for a new chief executive.
Delpani has served as Revlon’s president and CEO since Nov. 1, 2013, taking the reins from David Kennedy, who was appointed as interim CEO with the departure of Alan Ennis. Before joining Revlon as CEO, Delpani was chief executive of The Colomer Group (TCG), which Revlon acquired in October 2013. Revlon announced the $660 million deal to buy TCG, a beauty care company focused on the professional salon channel, in August 2013.
Before TCG, Delpani served in senior executive positions at Reckitt Benckiser and, prior to that, held senior marketing and executive positions at Johnson & Johnson and Procter & Gamble Co.
“On behalf of all of us at Revlon and MacAndrews & Forbes, I want to express our gratitude to Lorenzo for his hard work and dedication to our company,” Revlon chairman Ronald Perelman stated. “Through creativity and a commitment to innovation, Lorenzo helped guide Revlon through a successful period of integration and transformation that has led to the strong business growth we are now seeing. We are pleased that he is staying on with the board and as an adviser.”
Also on Friday, Revlon said Gianni Pieraccioni has been appointed as its new chief operating officer. He has served as executive vice president and global president of the Revlon Consumer Division since February 2014.
Before coming to the company, Pieraccioni was executive vice president and chief commercial officer for Alitalia and served as global general manager at Averna Group. During his long career, he has held several general management, marketing and commercial positions in the consumer packaged goods industry, including at U.S.-based companies such as Procter & Gamble, PepsiCo and Johnson & Johnson and at European firms such as Sector Group and Binda Group.
“2015 ended with a very successful fourth quarter for both our Consumer and Professional segments,” Delpani commented about Revlon’s fiscal year results, for which the company posted revenue and profit gains, excluding the impact of foreign exchange. “The company has reinvigorated our key brands and increased our profitability. At the same time, we successfully integrated the Colomer business into the combined company and reduced our cost base. The company has built strong momentum, we are in a more competitive position, and we have more resources to invest in our brands.”
Revlon’s roster of beauty and personal care products include such categories as cosmetics, hair coloring, hair treatments, beauty tools, men’s grooming, antiperspirant-deodorants, fragrances and skin care. The company operates in three segments: the Consumer Division, the Professional Division and Other. Its portfolio of brands includes Revlon, Almay, SinfulColors and Pure Ice color cosmetics; Revlon ColorSilk hair coloring; Revlon Beauty Tools; Charlie fragrances; Mitchum antiperspirant-deodorants; Revlon Professional, CND, including CND’s Shellac 14+ day nail color and Vinylux weekly nail polish; and American Crew men’s grooming.