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Revlon taps Lorenzo Delpani as its president, CEO

NEW YORK (AP) -- Revlon Inc. name Lorenzo Delpani as president and chief executive, effective on Friday.

David Kennedy was serving as the beauty products company's interim CEO, a post he was named to earlier this month when Revlon announced that Alan Ennis was stepping down from leading the company.

Kennedy, who served as Revlon CEO from 2006 to 2009, will continue to serve as vice chairman.

Delpani was the CEO of Colomer Group, which Revlon bought for about $660 million in an all-cash deal that closed earlier this month.

Colomer, which sells hair dye and other products to beauty salons, was Revlon's professional products division before it was sold to CVC Capital Partners in 2000 for approximately $315 million. CVC sold Colomer back to Revlon.

Delpani will also serve as a Revlon director and as a board member for operating subsidiary Revlon Consumer Products Corp.

Revlon, based in New York, sells Revlon and Almay makeup, Revlon ColorSilk hair dye and other beauty products.

In morning trading, shares slipped 18 cents to $24.37. The stock is up about 68 percent since the start of the year.