Change at the top of the US cosmetics giant. Debra Perelman, Revlon's former CEO, has stepped down as CEO of the company after more than five years at the helm. An interim CEO, Elizabeth Smith, will now take over.
As the specialised beauty and cosmetics media point out, the decision has been taken due to the critical situation that the company has been going through for several years and last March it filed for Chapter 11 bankruptcy. All this, after a long battle with the justice system following the ruling by the relevant court in Manhattan in 2022.
Elizabeth Smith took up the position immediately and has been appointed by Revlon's board of directors, of which she has been a member since May this year. Perelman's departure as head of Revlon marks a period of transition for the US cosmetics company itself. She was previously CEP and CEO of Bloomin' Brands and President of Avon Products.
Elizabeth Smith said there are promising times ahead for the company and it is a good opportunity for Revlon to grow its financial structure with the support of the new owners: "I am energised to see the commitment of our new Board of Directors to the execution of the Company's business transformation. I look forward to building a culture of innovation and excellence throughout the organisation and working with our retail partners, suppliers and distributors to reinvigorate the momentum of our iconic brands," said the company's new CEO.
The company was in a critical situation after accumulating a debt of more than 3 billion dollars, which caused an abnormal functioning of the supply chain and destroyed the company's liquidity. In April 2023, Revlon finally agreed to a debt reduction of USD 2.7 billion and thus emerged from bankruptcy by putting new shares up for sale, which the company expects to raise a total of USD 670 million.