Dive Brief:
- About a year and a half after emerging from bankruptcy with new owners, Revlon has named former CVS Health executive Michelle Peluso its new chief executive officer, effective Nov. 4. She succeeds interim CEO Liz Smith, who will continue in her board executive chair role, per a news release.
- Peluso was chief customer and experience officer at CVS Health, where she oversaw the end-to-end consumer experience across all channels. Prior to CVS, Peluso held the chief marketing officer role at IBM and Citi, as well as the CEO position for both Gilt and Travelocity.
- With Peluso’s appointment, the beauty giant has found a permanent CEO after longtime Revlon veteran Debra Perelman stepped down from the post in August 2023.
Dive Insight:
Revlon emerged as a private company in May of last year after filing for bankruptcy in 2022. Its reorganization allowed the company to shed $2.7 billion of debt in exchange for a group of its lenders taking control.
Smith said Peluso will “lead Revlon’s next phase of growth.”
“It is an honor to lead Revlon and its collection of powerful brands at this important time in the company’s history,” Peluso said in a statement. “I look forward to working with the full Revlon team — as well as our retailer, supplier and distribution partners — to further unlock the growth potential of our brands and meet the moment for the next generation of beauty and wellness lovers.”
When Revlon filed for bankruptcy in June 2022, it was swimming in debt of $3 billion and experiencing major challenges with supply chain and inflation. Its problems were exacerbated by the pandemic, with sales dropping by over $500 million in 2020.
Following its bankruptcy filing, Revlon began beefing up its executive team, including naming a new CFO and chief strategy and transformation officer. In May of last year, the company formed a new board of directors that included executives from Bloomin’ Brands, Sephora, Walgreens Boots Alliance, Starbucks and Gap Inc.
Adding Peluso to the mix brings a sense of permanence after Smith held the interim CEO role for over a year.
“With a clear strategic direction set for the company, strong progress on our transformation, a deeply talented leadership team in place and exciting opportunities in front of us, now is the right time for this transition,” Smith said in a statement.
