Cosmetics giant Revlon Inc. has announced the departure of Debra Perelman from the role of chief executive officer of the New York-based company, effective immediately.
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Perelman is stepping down from her role as president and CEO and as a member of the board, and will serve as an advisor to the company for a transition period.
Perelman’s exit comes on the back of a tumultuous time for the cosmetics giant, which has faced financial headwinds since 2020, forcing it to file for Chapter 11 bankruptcy in 2022.
In May of this year, Revlon emerged from a financial restructuring with approximately USD 236 million 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.
“It has been an honor 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,” said Perelman, who stepped up to the top spot at Revlon in May 2018, after serving as COO brands for just a few months from January that year.
“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.”
As a result of Perelman’s leaving, Elizabeth Smith has been appointed interim chief executive officer of the company, which owns the namesake Revlon brand, as well as Elizabeth Arden.
“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,” said Smith.
“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 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.”