Revlon appoints Elizabeth Smith as CEO, as Debra Perelman exits
Revlon has appointed Elizabeth A Smith as Chief Executive Officer with immediate effect. She was acting as Executive Chair on the board since May 2023, as Debra Perelman stepped down from the position of President and CEO of the group.
The cosmetics company informed that Debra has relinquished her position and also resigned from the company's board after serving over twenty years, including five years as chief executive. She will support the company as an advisor during the transition period. The move comes months after her father Ronald O Perelman, who owned the brand since 1985, was eliminated in an attempt to recover the company from bankruptcy. Debra initially joined Revlon in 2018 as the first female CEO and resumed her role as President and CEO as the company established a new board of directors until May 2023, following its emergence from bankruptcy in April.
In the official announcement, Debra said, “It has been an honour 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. 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.”
Assuming her new role, Smith said, “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 organisation-wide culture of innovation and excellence, and to working with our retailer, supplier and distribution partners to reignite the momentum in our iconic brands.”
In her previous roles, Smith served as Executive Chairman and Chief Executive Officer of Bloomin’ Brands Inc., Chairperson of the Federal Reserve Bank of Atlanta, and President of Avon Products Inc.