Irishman Ennis leaves CEO job at Revlon
UCD graduate “to pursue other interests” after holding top position since 2009
Alan Ennis has stepped down as chief executive of global cosmetics brand Revlon
Irishman Alan Ennis has stepped down as chief executive of global cosmetics brand Revlon, having held the position since 2009. Revlon said in a statement that Mr Ennis was leaving “to pursue other interests”. He has been replaced, on an interim basis, by David Kennedy, the company’s vice chairman and previous chief executive.
In the same statement, released late on Wednesday, Mr Ennis said he had “greatly enjoyed” his time at Revlon and was proud of results delivered during that time. He said he believed a solid foundation for growth had been laid in advance of the integration of The Colomer Group, maker of Shellac nail varnishes, which Revlon agreed to buy for $660 million in August.
“However, I have come to the decision that it is best for me at this time to pursue other interests,” he added. Mr Ennis did not respond to an invitation to comment yesterday.
An accountancy graduate of UCD and Arthur Andersen alumnus, Mr Ennis joined Revlon in a finance role in 2005, having previously worked for industrial group Ingersoll-Rand. He quickly climbed he ladder at the cosmetics group and was appointed chief executive at the age of 39, having achieved substantial cost savings in his earlier roles.
Ronald Perelman, the billionaire who owns 80 per cent of Revlon, said on Wednesday that he appreciated Mr Ennis’s contributions and wished him “continued success”.
In its most recent results, Revlon reported increased income but slightly-declining sales. The summer also saw the Securities and Exchange Commission levy a fine of $850,000 on the group in relation to a regulatory issue.
In an interview with this newspaper in April, Mr Ennis said he typically met Mr Perelman twice per week.
“Ronald has high expectations for his senior executives and if patience runs out, patience runs out,” he said.
“Over the course of 20 or so years during which Perelman has owned between 60 and 80 per cent of the company], there has been a fair amount of senior management turnover,” he added.
Revlon said it expected to name a permanent successor to Ennis “in the near term”.