Revlon Appoints New Board of Directors

In connection with its emergence from bankruptcy, Revlon has formed a new board of directors for the reorganized company comprised of senior executives with deep knowledge of the global consumer, retail and beauty industries. 

 

These leaders each have proven track records of driving operational and financial performance at some of the world’s most recognizable consumer brands, as well as significant corporate governance and management experience to support Revlon’s business transformation and long-term growth strategy.

Effective upon emergence from Chapter 11, which is expected to occur in the coming days, the new members of reorganized Revlon’s Board will include the following:

 

Elizabeth (Liz) A. Smith, executive chair. She is the former executive chairman and CEO of Bloomin’ Brands, Inc., Former Chair of the Federal Reserve Bank of Atlanta, and Former President of Avon Products, Inc.;

 

Martin Brok, former global president and CEO of Sephora, president of Starbucks Europe, Middle East & Africa, and chief operating officer of Nike Direct-to-Consumer;

 

Timothy McLevish, former CFO at Walgreens Boots Alliance, Inc., Kraft Foods Group, Inc., and Ingersoll-Rand Corporation;

 

Hans Melotte, former president of Starbucks’ Global Channel Development and former chief procurement officer at Johnson & Johnson; and

 

Paul Pressler, current chairman of the Board of Directors of eBay Inc., former CEO of Gap, Inc., and former Chairman of Walt Disney Parks and Resorts.

 

Revlon’s president and CEO Debra Perelman will continue in her role and remain on the board of reorganized Revlon, which will be a private non-SEC reporting company.

 

“Bringing together this accomplished group of individuals for the benefit of all our stakeholders is a testament to the strength of our brands and future growth potential of the Company,” said Debra Perelman. “Upon emergence, we will have the capital structure and financial resources necessary to invest for the future, serve our loyal customers with high-quality beauty products they know and love, and introduce our beloved brands to the next generation of Revlon consumers around the world.”

 

Post emergence, Revlon’s lenders, including affiliates of Glendon Capital Management LP, King Street Capital Management, L.P., Angelo, Gordon & Co., L.P., Antara Capital LP, Nut Tree Capital Management, LP, Oak Hill Advisors, L.P., and Cyrus Capital Partners, LP, collectively will own over 80% of Revlon’s reorganized equity.

 

“Our shareholder group’s investment in Revlon was driven by our belief in the enduring power of the Company’s iconic brands,” said Holly Kim, founding partner at Glendon Capital Management LP. “We have assembled a board of veteran leaders with proven track records of revitalizing and scaling consumer brands, and we are excited to support them as they chart a new, sustainable path forward for Revlon.”

 

On April 3, 2023, the US Bankruptcy Court for the Southern District of New York confirmed Revlon’s plan of reorganization.