Revlon Restructures Worldwide
Revlon Inc. announces a worldwide organizational restructuring, rightsizing the organization to reflect the more efficient workflows and processes that the company has implemented over the last two years. In addition, given the ongoing uncertain economic environment and the potential effect that it could have on net sales, this action will also provide the company with additional flexibility.
Revlon President and Chief Executive Officer, Alan T. Ennis, states, "Today's announcement represents an important, necessary, and logical next step forward for Revlon. Over the past two years, we have built improved and more efficient processes and workflows, which now allow us to take this step to reduce annualized costs by approximately $30 million. This action, which we are implementing immediately, will enable us to become a stronger, more financially sound organization while staying true to our vision of providing glamour, excitement and innovation to consumers through high-quality products at affordable prices. Revlon has incredible talent and capabilities, broad geographic reach, and strong global brands. We will continue the execution of our successful business strategy, namely building and leveraging our strong brands; improving the execution of our strategies and plans, and providing for continued improvement in our organizational capability through enabling and developing our employees; continuing to strengthen our international business; improving our operating profit margins and cash flow; and improving our capital structure."
The primary components of the organizational restructuring involve consolidating certain functions; reducing layers of management, where appropriate, to increase accountability and effectiveness; streamlining support functions to reflect the new organizational structure; and further consolidating the company's office facilities in New Jersey. The organizational restructuring will result in the elimination of approximately 400 positions worldwide, including approximately 325 current employees and approximately 75 open positions.
Revlon President and Chief Executive Officer, Alan T. Ennis, states, "Today's announcement represents an important, necessary, and logical next step forward for Revlon. Over the past two years, we have built improved and more efficient processes and workflows, which now allow us to take this step to reduce annualized costs by approximately $30 million. This action, which we are implementing immediately, will enable us to become a stronger, more financially sound organization while staying true to our vision of providing glamour, excitement and innovation to consumers through high-quality products at affordable prices. Revlon has incredible talent and capabilities, broad geographic reach, and strong global brands. We will continue the execution of our successful business strategy, namely building and leveraging our strong brands; improving the execution of our strategies and plans, and providing for continued improvement in our organizational capability through enabling and developing our employees; continuing to strengthen our international business; improving our operating profit margins and cash flow; and improving our capital structure."
The primary components of the organizational restructuring involve consolidating certain functions; reducing layers of management, where appropriate, to increase accountability and effectiveness; streamlining support functions to reflect the new organizational structure; and further consolidating the company's office facilities in New Jersey. The organizational restructuring will result in the elimination of approximately 400 positions worldwide, including approximately 325 current employees and approximately 75 open positions.