CEO of Revlon resigns

Alan Ennis, CEO of beauty products company Revlon, is reportedly leaving to pursue other interests. Ennis has worked as CEO since 2009, and the company is placing former CEO David Kennedy in his place, but only for a temporary period. Kennedy, 66, served as CEO from 2006 to 2009, and is now the company’s vice chairman.

“I’ve greatly enjoyed my tenure at Revlon, and I am proud of the results we have delivered,” Ennis said in a statement. “However, I have come to the decision that it is best for me at this time to pursue other interests.”

However, Chairman Ronald Perelman confirmed the company’s faith in Kennedy. “We believe David is the perfect choice to guide the company in the interim period through its integration of The Colomer Group, including the Revlon Professional business, and the significant growth and profit opportunities presented by this acquisition,” he said.  In August, Revlon announced its plan to buy the Colomer Group, a beauty salon products company, for $660 million, and that deal is expected to close by the end of the month.

Despite the acquisition though, Revlon has recently experienced a drop in revenue, caused in part by an insurance gain after a fire that destroyed one of the company’s plants in Venezuela. In addition, net income more than doubled in the last quarter.