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REVLON MANAGEMENT CONTINUITY ASSURED WITH SOL LEVINE

Executive Summary

REVLON MANAGEMENT CONTINUITY ASSURED WITH SOL LEVINE, who was named president of the company on Nov. 5. A former Revlon exec VP and chairman of Revlon International, Levine, 56, served on the company's board of directors between 1969 and 1981. Levine will assure an insider's knowledge of Revlon for Pantry Pride following the ouster of the Bergerac management group. With his background primarily in the cosmetics area, Levine gives Pantry Pride more options with regard to saving the cosmetics business or looking for another buyer. Revlon previously had a deal with Adler & Shaykin for the sale of the cosmetics segment. Pantry Pride head Ronald Perelman, who orchestrated the takeover, is the new chairman and CEO. Howard Gittis is vice chairman and Bruce Slovin is chairman of the executive committee. "This day marks a new beginning for this great company," Perelman stated. "Our management team, together with the great Revlon employee group, will continue to work to build and grow with this company in all areas of its business." Earlier, Revlon CEO Michel Bergerac announced his resignation.
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