US. Revlon’s Chief Financial Officer and Executive Vice President Thomas McGuire, and David Kennedy, President of International and Executive Vice President, are to rotate their positions and responsibilities.
The swap will give the company the benefit of the varied and valuable experiences and perspectives of two of its most senior executives in these new roles, according to Revlon.
President and CEO Jack Stahl commented: “This is a very positive step for Revlon. Tom McGuire and David Kennedy both came to Revlon with terrific credentials and have contributed enormously to the company’s progress over the past three years.
“Under Tom’s leadership our financial strength and flexibility have been significantly enhanced through successful implementation of our comprehensive Sarbanes-Oxley compliance, including enhanced internal controls, as well as our debt-for-equity exchange and debt refinancings.
“David has successfully strengthened our international management team, reporting structures and controls and developed and implemented strategies that have restored growth to this key segment of our business.”
He added: “At the same time, Tom has strong overseas experience and David has a very solid background in finance. By rotating their roles and responsibilities, Revlon will gain from an exchange of ideas, experiences and skills by two of our most successful executives and a continued close working relationship between them.”
The rotation of responsibilities will be effective from March, after the company files its Form 10-K for 2005. McGuire and Kennedy will work together during the first quarter of 2006 to ensure a smooth transition.
Stahl concluded: “Our international business has benefited greatly from David’s leadership and I believe that the business will continue to offer significant growth potential as we move forward under Tom’s leadership.
“Both Tom and David are excited by their new roles and this allows us to capitalise on their current experience at Revlon, as well as their previous experience, in these critical and strategic functions.”
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