Cosmetics maker Revlon has announced the appointment of Elizabeth “Liz” A. Smith as interim CEO of the company, effective Tuesday (Aug. 1).
Smith takes over from Debra Perelman, who is stepping down from her role as president and CEO and board member, but will remain an advisor to the company during the transition period.
Commenting on the news, Smith said a simplified capital structure and the support of new owners had positioned the cosmetics brand to succeed in its next phase of growth. “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,” she added.
Perelman, who was president and CEO for the past five years, expressed gratitude to her 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. I have every confidence in the company’s future success.”
The news comes more than a year after Revlon, a household name in cosmetics, filed for bankruptcy in May 2022, citing global supply chain disruptions, labor shortages and inflation among reasons for the move.
Like many beauty brands which traditionally relied on in-person, tactile experiences on shelves, counters and displays, the company was hard hit by the pandemic, with net sales dipping more than 10% in the fourth quarter of 2020 from the prior-year period. Revlon segment net sales also declined by $37.1 million to $205.6 million in Q4 2020 from the year prior.
However, according to Tuesday’s press release, the beauty brand said it has emerged from the financial restructuring with about $236 million of liquidity as well as a new board made up of senior executives with significant experience and expertise across the consumer, retail and beauty sectors to help steer the business through its next growth stage.
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