Revlon, the cosmetics giant that emerged from bankruptcy earlier this year, has announced that Debra Perelman has stepped down from her role as President and Chief Executive Officer.
Elizabeth Smith has been appointed Interim CEO, effective immediately. She has served as Executive Chair of the Revlon Board since May 2023 and will continue in that role. Smith previously served as Executive Chairman and CEO of Bloomin’ Brands, Chair of the Federal Reserve Bank of Atlanta, and President of Avon Products.
Perelman will serve as an advisor to the company for a transition period.
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 energized 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 organization-wide culture of innovation and excellence, and to working with our retailer, supplier and distribution partners to reignite the momentum in our iconic brands.”
In May of this year, Revlon emerged from a financial restructuring with approximately $236m of liquidity, funded through an equity rights offering, a new money senior secured credit facility, and new asset-based loans. Revlon also formed a new Board comprised of senior executives with consumer, retail, and beauty sector experience and operational expertise.
Perelman said: “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.”
