Revlon CEO Lorenzo Delpani to step down next week

By Staff The Associated Press

Posted February 26, 2016 10:41 am EST

1 min read

This article is more than 8 years old and some information may not be up to date.

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Revlon says CEO Lorenzo Delpani is stepping down from the job next week for personal reasons.

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The announcement comes several weeks after the makeup company’s biggest shareholder said it wanted to seek “strategic alternatives” for the company.

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Revlon says Delpani will remain on the board and will also be a paid adviser. The company did not name a replacement.

A representative for New York-based Revlon Inc. did not immediately respond to a request for comment.

In January, businessman and Revlon Chairman Ronald Perelman said he wanted to explore “strategic alternatives” for the company but said he doesn’t have a plan yet.

Perelman’s investment firm, MacAndrews & Forbes, has a nearly 78 per cent stake in Revlon, according to FactSet.