Debra Perelman Out as CEO of Revlon

Kathryn Hopkins
·3 min read
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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, whose brands include namesake Revlon, Elizabeth Arden and Almay, for a transitional period.

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Elizabeth A. Smith has been appointed interim CEO. 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 the majority owner of Revlon since the mid-’80s, gaining control via a hostile takeover through his company MacAndrews & Forbes. He took Revlon to new heights in the ’80s and ’90s, when he used the brand to catapult himself into the worlds of society, fashion and Hollywood. But in 2020, the good times came to a halt as the COVID-19 pandemic significantly worsened the company’s issues and it left with no choice but to file for chapter 11 bankruptcy. He departed earlier this year as part of a bankruptcy deal with lenders.

Glendon Capital Management, King Street Capital Management, Angelo Gordon & Co., Antara Capital, Nut Tree Capital Management, Oak Hill Advisors and Cyrus Capital Partners, now collectively own more than 80 percent of Revlon’s reorganized equity.

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.

Martin Brok, former global president and CEO of Sephora, also joined the board in May, as did Timothy McLevish, former chief financial officer at Walgreens Boots Alliance Inc., Hans Melotte, former president of Starbucks’ global channel development, and Paul Pressler, current chairman of the board of directors of eBay, and former CEO of Gap.

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