08.01.23
Debra Perelman is stepping down from her role as president and CEO and as a member of the board at Revlon. Revlon Group Holdings LLC has appointed Elizabeth (Liz) A. Smith as interim CEO effective immediately.
Smith has served as executive chair of the Revlon board of directors since May 2023 and will continue in that role. She previously was executive chairman and CEO of Bloomin’ Brands, chair of the Federal Reserve Bank of Atlanta and president of Avon Products, Inc.
Perelman will serve as advisor for a transition period, the company announced today.
“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,” said Smith.
In May, Revlon emerged from a financial restructuring with approximately $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 accomplished senior executives with significant 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. “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.”
Perelman was named CEO in 2018. She was the first woman to hold the CEO position at the company. She is the daughter of Ronald Perelman, then chairman. Prior to her CEO appointment, she had been COO.
Smith has served as executive chair of the Revlon board of directors since May 2023 and will continue in that role. She previously was executive chairman and CEO of Bloomin’ Brands, chair of the Federal Reserve Bank of Atlanta and president of Avon Products, Inc.
Perelman will serve as advisor for a transition period, the company announced today.
“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,” said Smith.
In May, Revlon emerged from a financial restructuring with approximately $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 accomplished senior executives with significant 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. “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.”
Perelman was named CEO in 2018. She was the first woman to hold the CEO position at the company. She is the daughter of Ronald Perelman, then chairman. Prior to her CEO appointment, she had been COO.