Written on: August 2, 2023 by SprayTM
Revlon has appointed Elizabeth (Liz) A. Smith 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 served as Executive Chairman & Chief Executive Officer of Bloomin’ Brands, Inc., Chair of the Federal Reserve Bank of Atlanta, and President of Avon Products, Inc.
Debra Perelman is stepping down from her role as President & CEO and as a member of the Board and will serve as an advisor to the company for a transition period.
“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.
She added, “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.”
In May of this year, 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.
Perelman has been a part of the Revlon team for the past five years. “With a successful financial restructuring behind us, I believe now is the right time to pass the torch,” she said.
“Revlon’s simplified capital structure and significantly reduced debt have positioned the company for long-term growth,” Perelman added.
Smith concluded, “The entire Board of Directors is grateful to Debbie for her many contributions to Revlon as both CEO and a member of the Board for the past five years—especially for her leadership during the COVID-19 pandemic and the financial restructuring process.”