Dive Brief:
- After more than two decades at Revlon, including five years as chief executive, Revlon CEO and President Debra Perelman has stepped down from those roles and as a member of the company’s board. She will serve as an adviser to the company during a transition period.
- Elizabeth Smith has been appointed interim CEO, effective immediately, according to a company press release.
- Smith has served as executive chair of Revlon’s board of directors since May and will continue in that role. Smith previously served as the CEO of Bloomin’ Brands, chair of the Federal Reserve Bank of Atlanta and president of Avon Products.
Dive Insight:
Shortly after exiting bankruptcy this spring, Revlon’s top leadership is changing.
Chapter 11 saw the beauty company shed over $2.7 billion in debt, obtain $285 million in fresh liquidity and emerge from the process as a private company.
By May, Revlon formed a new board of directors which included a number of executives from retailers including Sephora, Walgreens Boots Alliance and Gap Inc., as well as Smith.
“With a successful financial restructuring behind us, I believe now is the right time to pass the torch,” Perelman said in a statement. “Revlon’s simplified capital structure and significantly reduced debt have positioned the company for long-term growth.”
Perelman has served in Revlon’s chief executive role since 2018 and is the daughter of MacAndrews & Forbes Chairman and CEO Ron Perelman. MacAndrews & Forbes, once the company’s largest shareholder, explored the potential sale of Revlon to a third party in 2019.
Before acting as CEO, Perelman was Revlon’s chief operating officer. For over 20 years, she worked across various parts of the company including in finance, distribution, sales operations and marketing.
