Charles Sternberg, Associate Editor08.11.23
Recently, global beauty company Revlon Group Holdings LLC announced that Debra Perelman is stepping down from her role as President and Chief Executive Officer and as a member of the Board.
Perelman was appointed as Revlon’s first female president and chief executive officer in 2018. She is the daughter of Ronald Perelman who controlled the group from 1985 until 2022, when Revlon struck an agreement with creditors to give lenders and bondholders ownership of the bankrupt cosmetics maker and wipe out the interests of Perelman, reports Financial Times.
What this means is, for the first time since 1985, there are no Perelmans in leadership positions at Revlon—marking the beginning of a new era for the group, which has struggled in recent years with bankruptcy.
Earlier this year, the group emerged from bankruptcy after a financial restructuring was completed. Despite the obstacles the group has faced, from the Covid-19 pandemic to the restructuring process, the outlook from new leadership seems positive.
Smith has served as Executive Chair of the Revlon Board of Directors since May 2023 and will continue in that role. Smith previously served as Executive Chairman and Chief Executive Officer of Bloomin’ Brands, Inc., Chair of the Federal Reserve Bank of Atlanta, and President of Avon Products, Inc.
“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,” Smith commented.
“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.”
Perelman was appointed as Revlon’s first female president and chief executive officer in 2018. She is the daughter of Ronald Perelman who controlled the group from 1985 until 2022, when Revlon struck an agreement with creditors to give lenders and bondholders ownership of the bankrupt cosmetics maker and wipe out the interests of Perelman, reports Financial Times.
What this means is, for the first time since 1985, there are no Perelmans in leadership positions at Revlon—marking the beginning of a new era for the group, which has struggled in recent years with bankruptcy.
Earlier this year, the group emerged from bankruptcy after a financial restructuring was completed. Despite the obstacles the group has faced, from the Covid-19 pandemic to the restructuring process, the outlook from new leadership seems positive.
What’s Next for Revlon?
Looking forward, Revlon appointed Elizabeth (Liz) A. Smith as Interim Chief Executive Officer of the company, effective immediately, while Debra Perelman will serve as an advisor to the company for a transition period.Smith has served as Executive Chair of the Revlon Board of Directors since May 2023 and will continue in that role. Smith previously served as Executive Chairman and Chief Executive Officer of Bloomin’ Brands, Inc., Chair of the Federal Reserve Bank of Atlanta, and President of Avon Products, Inc.
“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,” Smith commented.
“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.”
