Revlon Director Paul Savas Resigns After Compliance Issue

Revlon director Paul Savas has stepped down after MacAndrews and Forbes notified Revlon that Savas failed to comply with processes and procedures regarding a related party transaction, Revlon says in SEC filing.

• Transaction involved a $5.14m accelerated payment by Revlon to MacAndrews and Forbes related to insurance services
• Payment has been returned to Revlon and will be paid by the company to MacAndrews and Forbes in installments, under existing arrangements
• Revlon reviewing existing policies surrounding related party transactions

To view the source of this information click here

To contact the reporter on this story:
Polina Noskova in New York at ...