Meister has served on Revlon’s board since 2016 and is currently president of MacAndrews & Forbes, the holding company through which billionaire Ronald Perelman owns an 85 percent stake in the cosmetics maker.
Garcia was hired from Colgate-Palmolive in April 2016 to turn around Revlon, which is struggling to keep pace with changing consumer preferences.
Revlon acquired Elizabeth Arden Inc in an $870 million deal to strengthen its skincare and fragrance business, following his appointment.
Under Garcia’s watch, the company restructured its operations and unveiled a brand-centric structure to drive global growth.
“This has been a difficult year for us balancing the successful integration of Elizabeth Arden with the rise of e-commerce and specialty beauty stores,” Chairman Perelman said in a statement.
“We are aggressively catching up to that rapid transformation and I want to thank Fabian for his leadership through this challenging and dynamic period.”
The company also said it expected fourth-quarter net sales of about $785 million, compared with $801 million a year earlier, and forecast a wider net loss.