The company announced Thursday the addition of two new senior executives. John F. Masten Jr. was named senior vice president, corporate controller and Steven F. Schiffman, joined as senior vice president, finance, treasury. Both report to Thomas McGuire, Revlon’s new executive vice president and chief financial officer, who joined the firm last month. Douglas Greeff remains as executive vice president, strategic finance. McGuire and Greeff report to Jack Stahl, president and chief executive officer.
“As we enter the next phase of our plan, we have added key individuals to our finance organization to support its strategies,” said Stahl in a statement. “The latest additions to our management team each bring unique skill sets that will help further strengthen our financial organization to further help us achieve our growth objectives.”
Matsen was previously chief financial officer at Sensient Technologies, where he managed all the financial functions of the Flavor and Fragrance groups, consisting of 18 business units in the U.S., Canada, Europe and Latin America. Before that he was director of financial operations at General Chemical Corp. He began his career in 1981 at Texaco, Inc.
Schiffman had been senior vice president and cfo at G-LOG Inc. a private logistics software company. Before that he was vice president and cfo for RSL Communications Ltd., a public international telecommunications company. He began his career at Ford Motor in 1986 in financial planning and analysis. From 1993 to 1996, he was vice president, international finance and tax at PepsiCo.
Posting 19 consecutive quarterly losses and bearing $1.7 billion-plus debt, Revlon has been under continuous Wall Street scrutiny. Despite increasing market share in the last 10 months, its liquidity is still a concern. In a report from Deutsch Bank last month, the financial firm questioned whether Revlon would have sufficient cash to operate through the first quarter.
Revlon officials dismissed the suggestion of a possible bankruptcy filing, saying Revlon has the resources it needs to continue its growth plan.