Revlon CEO Debra Perelman has stepped down from her role after five years, effective immediately.
Elizabeth Smith, Executive Chair of the Elizabeth Arden owner’s board of directors, will take over her role as interim CEO.
Smith, a former Avon President, was appointed to lead the company’s new board of directors, comprising senior executives from the likes of Sephora, Walgreens and Johnson and Johnson.
“It has been an honour to lead the talented and dedicated Revlon team over the past five years,” said Perelman, adding that she has “every confidence” in the business’ future success.
“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.”
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“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,” added Smith.
“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.”
Revlon is the owner of brands including Revlon, Elizabeth Arden, Mitchum and Almay, as well as holding fragrance licences for the likes of Britney Spears, Elizabeth Taylor and Juicy Couture.