JPMorgan Chase & Co (>> JPMorgan Chase & Co), one of Wall Street's biggest advisers and financiers of leveraged buyouts, is set to lose its chief private equity banker to cosmetics maker Revlon Inc (>> Revlon Inc) this month.
Larry Alletto, currently JPMorgan's global head of its financial sponsors group, is due to join Revlon as chief financial officer, chief administrative officer and executive vice president by the end of the month, according to a Revlon regulatory filing published in July.
Alletto's last day with JPMorgan could not be learned but a person familiar with the matter, who was not authorized to speak publicly about personnel matters, said on Thursday Alletto was still with the bank.
Alletto, 48, will be replaced by Karen Simon, another JPMorgan investment banking veteran, whose new title will be head of North America financial sponsors group. She was previously vice chair covering the global oil and gas sector and before that head of the European financial sponsors group.
A JPMorgan spokeswoman declined to comment on behalf of the bank, Alletto or Simon. A Revlon spokeswoman did not respond to a request for comment.
Alletto became global head of financial sponsors at JPMorgan in 2009 following a 20-year career in investment banking with JPMorgan and Chemical Bank spanning several roles.
At Revlon, Alletto's annual base salary will be at least $765,000 (478,993 pounds), with a target bonus of 75 percent of his base salary and a provision for exceeding this based upon over-achievement of the company's goals, according to the filing.
Alletto's 2013 target bonus will be guaranteed and he will also receive a grant of 120,000 restricted shares of Revlon's common stock which will vest on a pro rata basis over three years, the filing shows. He is also eligible for grants of more than $1 million under Revlon's long-term incentive compensation plan.
Revlon is searching for a new chief after announcing last week that David Kennedy, the company's vice chairman and former chief executive, had been appointed as interim CEO. His predecessor, Alan Ennis, decided to leave to pursue other interests, Revlon said.
(Reporting by Greg Roumeliotis and Soyoung Kim in New York; Editing by Phil Berlowitz)
By Greg Roumeliotis and Soyoung Kim