The Perelmans’ control over beauty company Revlon Group is no more.
Not long after her father Ronald Perelman was pushed out, Debra Perelman is stepping down from her role as president and chief executive officer and as a member of the board. She will serve as an adviser to the company for a transitional period.
Elizabeth A. Smith has been appointed interim chief executive officer, effective immediately. Smith was brought in as executive chair of the Revlon board of directors in May and continued in that role as it emerged from Chapter 11 bankruptcy.
Perelman said: “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. 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.”
Her father had been in control of the company since the ’80s, but departed earlier this year as part of a bankruptcy deal with lenders.
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 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.”
Smith is the former executive chairman and CEO of restaurant chain operator Bloomin’ Brands Inc., former chair of the Federal Reserve Bank of Atlanta, and former president of Avon Products. She also has a 14-year stint at Kraft Foods under her belt.
Source: WWD