Fabian Garcia earned up to $18.5 million during his first year as chief executive officer of Revlon Inc.
(Of course that is far below Marc Lore’s first-year take of $244 million after selling Jet.com to Wal-Mart Stores Inc., but all but a few pay packages pale in comparison with that).
Garcia’s earnings, detailed in a regulatory filing, included a salary of $1 million, a bonus of $3.5 million, incentive pay of $3.9 million and stock awards valued at $10 million, although he might not receive that full value given stock fluctuations.
He joined Revlon in April last year after 13 years at Colgate-Palmolive Co., where he led the company’s businesses in Asia-Pacific, Eurasia, Latin America and Europe.
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Just two months after Garcia’s arrival, Revlon — which is ultimately controlled by financier Ronald Perelman — agreed to buy Elizabeth Arden in an $870 million deal that closed in September and created a $3 billion beauty competitor with both mass and class businesses.
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Now the ceo is restructuring to get the business into full fighting form.
In January, Garcia said: “As we look at the synergies that we have, there are countries where we are both strong: the U.S., the U.K. and South Africa. Then you have a bucket of countries where Elizabeth Arden is strong and we are not as strong: South Korea and China. Then you have another bucket of countries where we are strong and they are not as strong: Japan.”
That’s a lot of moving parts.
Helping him pull it all together is the company’s new chief financial officer Juan Figuereo, whose total compensation tallied $5 million last year, and Gianni Pieraccioni, chief operating officer, markets, whose pay was $4.1 million.
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