admin Beauty company Revlon Group Holdings LLC has confirmed that Debra Perelman is stepping down from her role as president and chief executive officer and as a member of the board.
In a statement, Revlon said that Perelman, who was appointed as the brand’s first female president and chief executive officer in 2018, would stay on and serve as an advisor to the company for a transition period to “ensure smooth transition”.
The role of interim chief executive will be undertaken by Elizabeth A. Smith, effective immediately. Smith has served as executive chair of the Revlon board of directors since May 2023 and will continue in that role. Before that, Smith was executive chairman and chief executive officer of Bloomin’ Brands, Inc., chair of the Federal Reserve Bank of Atlanta, and president of Avon Products, Inc.
Commenting on her new role, Smith said: “This is an exciting time for Revlon, which is well positioned for its next phase of growth with a simplified capital structure and the support of new owners. I am energised by the engagement of our new board, which is committed to the execution of the Company’s business transformation.
“Along with the leadership team, I look forward to building an organisation-wide culture of innovation and excellence, and to working with our retailer, supplier and distribution partners to reignite the momentum in our iconic brands.”
Revlon announces CEO transition, appointing Elizabeth A. Smith as interim chief executive
In May, Revlon emerged from a financial restructuring with approximately 236 million US dollars of liquidity, funded through an equity right offering, a new money senior secured credit facility, and new asset-based loans. Revlon also formed a new board comprised of accomplished senior executives with significant consumer, retail, and beauty sector experience and operational expertise.
Each of the board members, featuring senior executives from Sephora, Walgreens, and Ebay, was chosen for their “deep knowledge of the global consumer, retail, and beauty industries,” explained Revlon to support the beauty brands business transformation and long-term growth strategy.
On her exit from Revlon, Perelman said: “It has been an honour to lead the talented and dedicated Revlon team over the past five years, and I am grateful to my colleagues for their partnership and support throughout this time.
“With a successful financial restructuring behind us, I believe now is the right time to pass the torch. Revlon’s simplified capital structure and significantly reduced debt have positioned the company for long-term growth. I have every confidence in the company’s future success.”
Smith added: “The entire board of directors is grateful to Debbie for her many contributions to Revlon as both CEO and a member of the Board for the past five years – especially for her leadership during the Covid-19 pandemic and the financial restructuring process.”
